Air India seeks $1.5bn from Tata Sons and Singapore Airlines
Business
Air India is looking for a $1.5 billion cash boost from its owners, Tata Sons and Singapore Airlines, after racking up combined losses of $2.33 billion for Air India and Air India Express in the fiscal year ended March, which is more than twice what they lost the year before.
Sources told Reuters the money will help fund a massive overhaul as it tries to bounce back.
Air India faces decade-long turnaround
A mix of expensive upgrades, cost-cutting plans, and outside issues, like airspace bans and global conflicts, has hit Air India's bottom line hard.
Singapore Airlines (which owns 25% of Air India) is expected to chip in its share if the funding goes ahead.
But don't expect a quick fix; Chandrasekaran has said Air India's turnaround could take up to a decade.