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Friday, June 9, 2023

Tata Sons and SIA inject $65 million into Vistara

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According to Indian media, Indian carrier Vistara has got a cash injection of more than $65 million from Tata Sons and Singapore Airlines (SIA1) (SINGY).

On March 14, 2022, the capital injection was reportedly provided via a new rights offering totaling INR 500 crore (about $65 million).

Tata & Sons, which owns 51 percent of Vistara shares, poured more than $33.3 million (INR 255 crore) into the Indian airline, according to a regulatory filing with the Ministry of Corporate Affairs reviewed by the Indian Express.

Singapore Airlines (SIA1) (SINGY), which owns the remaining 49 percent of Vistara, committed roughly $32 million to the loss-making carrier (INR 245 crore).

However, neither party has made any additional specifics about the agreement public.

Vistara’s latest round of fundraising comes over seven months after its joint owners’ last equity infusion in August 2021. Tata Sons and Singapore Airlines invested around $98 million (INR 750 crore) in the airline at the time.

Vistara lost $210.7 million (INR 1,611.57 crore) in the full year of 2021, according to the carrier’s latest financial report, due to continuing COVID-19 restrictions. However, the airline completed 2021 with a lower deficit than it did in 2020, when it lost $237 million (INR 1,813.39 crore).

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