Air India is seeking at least ₹10,000 crore ($1.14 billion) in financial support from owners Singapore Airlines and Tata Sons, media reported on Thursday, citing people familiar with the matter.
The development follows a deadly Air India crash in June that killed more than 240 passengers, plunging the carrier into its worst crisis and complicating its push to restore its reputation and modernize its fleet.
The Tata Group-owned carrier is requesting funds to overhaul Air India’s systems and services as well as to develop in-house engineering and maintenance departments, the report said.
Any financial support would be proportional to ownership, Bloomberg said, adding that the owners would decide if the funding will be an interest-free loan or via equity.
Tata Group, which bought Air India in 2022, has a 74.9% stake in the airline, with Singapore Airlines holding the rest.
Any financial support would be proportional to ownership, Bloomberg said, adding that the owners would decide if the funding will be an interest-free loan or via equity.
Tata Group, which bought Air India in 2022, has a 74.9% stake in the airline, with Singapore Airlines holding the rest.
Earlier this week, Air India’s CEO vowed to improve the carrier’s internal practices.