May 2017: SIA’s cumulative investment in Vistara passes S$100 million
SIA had reportedly invested more than S$100 million (US$78.8 million) in Vistara, more than twice its initially planned investment.
April 2018-April 2019: Major expansion funding
Tata and SIA injected a combined 40.2 billion rupees into Vistara over the 12 months to April 2019, raising the airline’s paid-up capital to 56.4 billion rupees.
April 2020-August 2021: COVID-19 pandemic support
During the first seven months of Vistara’s 2020/21 fiscal year, Tata and SIA injected 18.3 billion rupees into the airline to help maintain liquidity during the collapse in air travel caused by the COVID-19 pandemic.
The funds were provided in proportion to their shareholdings.
There were two more publicly reported rounds of funding in May and August 2021, with SIA contributing a combined 5.95 billion rupees across the two rounds.
Based on capital injections disclosed in SIA’s annual reports, the carrier had invested about S$900 million in Vistara by 2023.
January 2022: Tata takes over Air India without SIA
Tata Sons acquired 100 per cent of Air India from the Indian government.
October 2022: SIA confirms merger discussions
In an SGX announcement, SIA disclosed that it was in confidential discussions with Tata concerning Vistara and Air India, but no definitive terms had yet been agreed.
November 2022: Air India-Vistara merger agreement signed
SIA and Tata formally agreed to merge Vistara into Air India.
In exchange for about 25.1 per cent of the enlarged Air India, SIA agreed to contribute its existing 49 per cent stake in Vistara, as well as invest 20.585 billion rupees or about US$250 million in Air India.
SIA also agreed to provide up to another 50.2 billion rupees or US$615 million after the merger is completed, if required.
November 2024: Merger completed
Air India and Vistara legally merged on Nov 12, 2024. SIA’s 49 per cent share in Vistara ceased to exist, and SIA became the owner of about 25.1 per cent of Air India, which consequently became an associated company of SIA.
When the merger agreement was announced in 2022, SIA CEO Goh Choon Phong hailed the merger as an opportunity to “deepen our relationship with Tata and participate directly in an exciting new growth phase”.
Tata Sons chairman N Chandrasekaran also then called it “an important milestone in our journey to make Air India a truly world-class airline”.
March 2025: Further Air India capital injection
SIA made another capital injection of 10.807 billion rupees, or US$131.4 million. By the end of March, the total cost of SIA’s investment in Air India stood at S$2.096 billion.
April-May 2025: India-Pakistan conflict
India and Pakistan engaged in armed conflict following a terror attack in Indian-administered Jammu and Kashmir, with New Delhi blaming Islamabad for supporting cross-border terrorism.
In response, Pakistan closed its airspace to all Indian carriers, forcing them to drastically alter their flight routes.
June 2025: Air India Flight 171
On Jun 12, 2025, an Air India flight bound for London crashed less than a minute after departing from Ahmedabad airport in Gujarat.
In the aftermath, Air India introduced a “safety pause” and carried out additional safety checks on its Boeing 787 fleet.