Temasek has publicly backed Singapore Airlines’ investment in Air India, framing the stake as part of a long-term strategy rather than a short-term financial play. The support comes as Air India seeks about $1.5 billion from its owners and faces fresh scrutiny over losses, while Singapore Airlines holds a 25.1% stake in the carrier and weighs any further capital request.
Temasek’s intervention follows debate in Singapore over whether sovereign wealth-linked capital should be used to support the Indian carrier. Opposition lawmaker Kenneth Tiong questioned the rationale for further exposure, while Temasek defended Singapore Airlines’ push to build a second hub beyond Singapore. India, now the world’s third-largest air transport market after the United States and China, remains central to that plan.
Singapore Airlines has also indicated that its board would carefully assess any request for additional funding, balancing the airline’s own capital needs against Air India’s business strategy. The scrutiny has intensified after Air India and Air India Express posted combined losses of $2.33 billion in the year to March 2026, weighing on Singapore Airlines’ earnings and keeping attention fixed on the financial demands of the turnaround.