Bloomberg reports that Air India is seeking $1.14 billion in financial support from Tata Sons and Singapore Airlines (SIA). The Tata Group, which acquired Air India in 2002, owns a 74.9% stake in the airline, with SIA holding the remaining shares. This move aims to restore Air India’s reputation and modernise its fleet after the tragic crash in June.
Air India’s CEO has pledged to improve internal operations. The airline, owned by Tata Group, is seeking funding to upgrade its systems and services, as well as to build its own engineering and maintenance teams. The CEO indicated that funding will be based on ownership share, with owners deciding whether it will be in the form of interest-free loans or equity, as reported by media and Bloomberg sources.
The worst aircraft accident in history resulted in 260 deaths, including 241 passengers, after flight A171 to London Gatwick crashed shortly after takeoff from Ahmedabad in June this year. This devastating incident deeply affected the victims, their families, the staff, and the airline itself. Air India CEO Campbell Wilson stated that the airline is making every effort to support those affected and help them move forward.
Wilson stated at the Delhi conference that the interim probe report into the crash indicates that there is nothing wrong with the aircraft, its engines, or the airline’s operation.
He stated during his first interaction with the media after the aircraft crash that “We obviously, as with everyone else, we await the final report, and if there’s anything to learn from it, we will,”. It was absolutely devastating for the people involved, their families, and the staff.
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He further stated that they are taking every possible measure to mitigate the situation and support affected individuals and families, ground personnel, and first responders, aiming to ease the process and restore Air India’s reputation.
