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SIA records nearly S$1 billion in operating losses less than 2 years after Air India investment
"The timing could not have been worse."
August 13, 2026, 02:23 PM
Image via Unsplash
National carrier Singapore Airlines (SIA) has recorded a nearly S$1 billion loss in operating costs less than two years after its 25 per cent investment in Air India.
Bad timing
The investment, made in November 2024, came just months before a fatal Air India plane crash in June 2025.
The carrier was also among Indian carriers banned from Pakistan airspace in April 2025, which has affected many of its routes.
Like many in the airline sector worldwide, it has also been facing a jet fuel crisis in 2026.
According to the Financial Times, quoting an unnamed executive at SIA, "It has been an annus horribilis (a horrible year) for Air India".
They added: "Air India is trying to undergo a major transformation — the likes of which have probably never been seen in the airline industry — while also dealing with all these other issues."
"The timing could not have been worse."
Background
SIA holds 25 per cent of the stakes at Air India.
It was first enlisted by India's biggest conglomerate Tata Sons, who holds the other 75 per cent, as an unofficial adviser when the latter began exploring taking over Air India in 2021, FT reported.
SIA was attracted to the carrier's growth potential. It also saw the opportunity to expand the business outside of the domestic market and took it.
SIA's management reportedly contributed S$822 million of capital to Air India in the early days, then another S$167 million in March 2025.
Multiple incidents have since affected the carrier, contributing to an overall loss of S$945 million in From March 2025 to March 2026.
