Minister defends Singapore Airlines’ Air India stake amid scrutiny, racist rants
Transport Minister Jeffrey Siow said the carrier funded investments from its own balance sheet, urging it to grow overseas to expand further
Responding to a question in parliament, Minister Jeffrey Siow said the flag carrier was a listed company that funded investments from its own balance sheet and it had not sought further capital from shareholders.
The airline is majority owned by Singapore state investor Temasek.
Air India is also seeking about US$1.5 billion in fresh equity from its owners, Tata Sons and Singapore Airlines.
“Many overseas investment returns will not necessarily emerge immediately. Whether its specific investment in Air India proves valuable is for [Singapore Airlines] and its shareholders to answer,” said Siow, adding the current assessment was that the airline’s ability to serve Singaporeans was not adversely affected.
