We refer to The Business Times' article “Singapore Airlines faces some bleak choices as it lies trapped in Air India’s money pit” (27 August 2026) and note that Singapore Airlines (SIA) has shared recent statements on Air India in their letter to The Business Times, announcements on 17 July 2026 and 19 July 2026, and their Q1 FY26/27 Results presentation on 29 July 2026.

SIA has demonstrated discipline and resilience through industry cycles, and consistently positioned itself for long-term growth. This has been evident from its financial performance through cycles, including its strong recovery from the COVID-19 pandemic following one of the most challenging periods in aviation history.

SIA has articulated its objective to invest in a second hub to secure long-term growth beyond Singapore. As the world’s third largest air transport market after the US and China, India is well-positioned to serve as this second hub. SIA has long participated in the India market, including an operating presence through Vistara since 2013 and its investment in Air India allows it to deepen its participation in India's aviation growth.  

As a shareholder of SIA, we view their business decision from a long-term perspective and are supportive of it. We recognise that the large-scale transformation of Air India involves complex, multi-year operational and integration challenges. Efforts of this scale take time and are not expected to be linear, particularly in the aviation sector, where outcomes are shaped by industry developments, including aircraft innovation and fleet renewal cycles, and external factors such as airspace disruptions, geopolitical developments, and fuel price volatility. 

As we build a resilient and forward-looking portfolio, we support the strategic moves by our portfolio companies that position them for long-term growth and global competitiveness. While such initiatives take time, we believe that they are important for sustaining growth over the long run.

Juliet Teo
Joint Head, Portfolio Development 
Head, Ecosystem Enablement
Temasek Singapore