Singapore Defends SIA’s Air India Investment, Says Overseas Growth Is Essential
Jeffrey Siow said the airline’s $8.8 billion Air India recapitalisation came from its own earnings, not Singaporeans’ money, and defended its financial strength.
- On Tuesday, Transport Minister Jeffrey Siow defended Singapore Airlines' investment in Air India in Parliament, clarifying that the carrier funds overseas expansion through its own internal earnings rather than public reserves.
- Workers' Party MP Kenneth Tiong questioned whether SIA's 25.1% stake in Air India—which reportedly seeks $1.5 billion in fresh equity—compromises the airline's ability to provide essential transport services to Singaporeans.
- An SIA spokesperson reported the airline holds $10.48 billion in cash reserves, comprising $9.1 billion in cash and bank balances and $1.38 billion in fixed deposits, plus access to $3.24 billion in undrawn credit.
- Siow stated the airline is "nowhere near" a scenario where losses constrain operations, adding that investment viability is a commercial matter between the carrier and its shareholders.
- SIA maintains the investment aligns with its long-term multi-hub strategy, necessary to grow beyond the relatively limited Singapore market and compete globally in the aviation sector.
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SIA investment in Air India does not affect Singapore carrier's operations
Singapore Airlines’ investment in Air India does not affect its operational capabilities or essential air services in Singapore despite Air India’s financial losses. Read more at straitstimes.com.
SIA's Air India investment internally funded, not paid for by Singaporeans: Jeffrey Siow
Singapore Airlines' (SIA) investment in Air India is funded from its own internal earnings, not by Singaporeans as Workers' Party (WP) MP Kenneth Tiong had publicly insinuated, said Minister for Transport Jeffrey Siow in Parliament on Tuesday (Sept 8).He was responding to both a parliamentary question filed by the first-term Aljunied MP, and his public statement — expressing concerns in...
South China Morning Post
PressNewsAgencyMinister defends Singapore Airlines’ Air India stake amid racist rants
Transport Minister Jeffrey Siow said the carrier funded investments from its own balance sheet, urging it to grow overseas to expand further.
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