Temasek backs Singapore Airlines' Air India investment amid growing scrutiny
NEW DELHI: Singapore state investor Temasek, the majority shareholder of Singapore Airlines on Saturday backed the airline’s investment in Air India, as scrutiny grows over its stake in the loss-making Indian carrier. Air India’s request for about $1.5 billion in fresh equity from owners Tata Sons and Singapore Airlines was first reported by Reuters this week. Singapore Airlines owns 25.1% of India’s second-largest airline, with the rest owned by Tata. News of the funding request prompted Kenneth Tiong, a lawmaker from Singapore’s opposition Workers’ Party, to urge that Temasek’s funds not to be used to shore up the Indian carrier. Singapore’s Business Times also ran a commentary arguing that Singapore Airlines could not realistically exit its Air India stake, with Tata the only plausible buyer. It questioned what its 25.1% holding offered beyond a board seat and a share of the losses, while saying the strategic logic of the investment still held. Singapore opposition lawmaker opposes use of Temasek funds to shore up Air India In a letter to the newspaper responding to that commentary, Juliet Teo, joint head of portfolio development at Temasek Singapore, said Temasek viewed Singapo
NEW DELHI: Singapore state investor Temasek, the majority shareholder of Singapore Airlines on Saturday backed the airline’s investment in Air India, as scrutiny grows over its stake in the loss-making Indian carrier. Air India’s request for about $1.5 billion in fresh equity from owners Tata Sons and Singapore Airlines was first reported by Reuters this week. Singapore Airlines owns 25.1% of India’s second-largest airline, with the rest owned by Tata. News of the funding request prompted Kenneth Tiong, a lawmaker from Singapore’s opposition Workers’ Party, to urge that Temasek’s funds not to be used to shore up the Indian carrier. Singapore’s Business Times also ran a commentary arguing that Singapore Airlines could not realistically exit its Air India stake, with Tata the only plausible buyer. It questioned what its 25.1% holding offered beyond a board seat and a share of the losses, while saying the strategic logic of the investment still held. Singapore opposition lawmaker opposes use of Temasek funds to shore up Air India In a letter to the newspaper responding to that commentary, Juliet Teo, joint head of portfolio development at Temasek Singapore, said Temasek viewed Singapo
