SIA’s Air India investment carrying value falls by S$334.7 million
The airline’s finance chief said a smaller share of losses reflected reversals of earlier provisions, rather than an improvement at Air India.
Singapore Airlines (SIA) recorded a S$334.7 million reduction in the carrying value of its Air India investment over six months, leaving it at S$799.9 million at end-September, according to interim financial statements published on Nov 11.
The investment had a carrying amount of S$1.1 billion at end-March, compared with about S$2 billion at end-March 2025. The latest reduction reflected SIA’s portion of Air India’s losses under equity accounting.
For the first half of FY2027 ended September, SIA recognised S$361.7 million in losses from Air India. That was S$67.8 million below the S$429.5 million recorded for the equivalent FY2026 period.
Chief financial officer Tan JoAnn told a post-earnings briefing that reversals of provisions from earlier years accounted for the smaller loss figure, rather than reduced losses at Air India. She did not disclose the amount reversed.
SIA owns 25.1 per cent of Air India following its November 2024 merger with Vistara, previously an SIA associate. Tata Sons holds the remaining majority stake. SIA’s investment forms part of its multi-hub strategy to establish a foothold in India.
The two airlines began rolling out joint initiatives in October 2026. The first phase offers more flight choices linking Singapore with eight Indian cities through both airlines’ booking channels.
