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Air India seeks $1.14 billion from Tata, Singapore Airlines for fleet, engineering upgrade
Air India is in discussions with Airbus and Boeing to acquire up to 300 additional wide-body aircraft as part of its ongoing rebranding and expansion strategy.
The Tata Group formally took over Air India on 27 January 2022 and currently holds a 74.9% stake, while Singapore Airlines owns 25.1%.
Tata Group-owned Air India has reportedly sought $1.14 billion in financial support from its shareholders, Singapore Airlines and Tata Sons, Bloomberg reported.
The funds are expected to help the airline upgrade its aircraft systems and services, and build in-house engineering and maintenance capabilities.
Air India has been under heightened scrutiny from aviation regulator DGCA following the June crash of its Boeing 787-8 (Flight AI171) from Ahmedabad to London, which went down minutes after take-off, killing 270 people, including 241 passengers.
This week, Air India CEO Campbell Wilson reiterated that the airline is offering full support to the families of the victims. He added that the interim probe found no issues with the aircraft, its engines, or operational practices, noting that the airline will “keep improving, keep getting better.”
However, the Aircraft Accident Investigation Bureau (AAIB), in its preliminary findings, noted that fuel supply to both engines was cut off within one second of each other, causing confusion in the cockpit.
The Tata Group formally took over Air India on 27 January 2022 and currently holds a 74.9% stake, while Singapore Airlines owns 25.1%.
Under its Vihaan.AI transformation programme, the airline has been aggressively renewing its fleet. In June 2023, Air India placed a landmark order for 470 aircraft from Airbus and Boeing. More recently, Reuters reported that the carrier is in discussions with both manufacturers to acquire up to 300 additional wide-body aircraft as part of its ongoing rebranding and expansion strategy.
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