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Air India is seeking at least 100 billion rupees ($1.14 billion) in financial support from owners Singapore Airlines and Tata Sons, Bloomberg News 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 developing 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.Live Events Reuters could not immediately verify the report. Air India, Singapore Airlines and Tata Sons did not immediately respond to Reuters' requests for comment. Earlier this week, Air India's CEO vowed to improve the carrier's internal practices.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onAir India crash June 2023Air India financial supportTata Group ownership of Air IndiaSingapore Airlines investmentAir India engineering and maintenanceAir India crisisAir India modernization plans (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onAir India crash June 2023Air India financial supportTata Group ownership of Air IndiaSingapore Airlines investmentAir India engineering and maintenanceAir India crisisAir India modernization plans(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
