Singapore Airlines denies media report on raising stake in Air India
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Singapore Airlines on Friday refuted a media report saying it may raise its stake in Air India from the 25.1% which it secured as part of the Tata Group's Vistara merger to create a bigger full-service India's national carrier.
Singapore's state carrier's statement was in response to a report by Indian newspaper Mint, which said the carrier had expressed its desire to gradually raise its stake in the Indian airline to about 40%.
"The Mint story dated 16 June 2023 is incorrect. There (is) no change in SIA's position from the November 2022 announcement," Singapore Airlines said.
The media report, citing three people familiar with the development, stated Singapore Airlines and the Tata Group have had initial talks regarding the potential increase in stake, in response to a request from a Singapore-based airline.
Air India did not immediately respond to a Reuters request for comment.
Last November, autos-to-steel conglomerate Tata had announced Air India's merger with Vistara, its joint venture with Singapore Airlines, in a bid to strengthen its presence in domestic and international skies.
(Reporting by Upasana Singh in Bengaluru, additional reporting by Rishav Chatterjee; Editing by Nivedita Bhattacharjee)
