Wednesday, August 11, 2021

Tata, Singapore Airlines pump in Rs 750 crore into Vistara

Premium carrier Vistara's owners Tata Sons and Singapore Airlines have pumped in Rs 750 crore into it, according to data from regulatory filings collated by Tofler.

Tata Sons has invested Rs 382.5 crore and Singapore Airlines Rs 367.5 crore, according to the filing, by issuing 75 crore shares.

This is the fifth round of funding by Vistara's owners into the airline since April 2020 as it struggles like its rivals in the midst of the Covid19 pandemic which has battered air travel demand and financials of airline companies. India's airlines are expected to lose $8.2 billion in FY21 and FY22 combined, according to estimates by CAPA-Centre for Aviation.

Vistara posted a net loss of Rs 1,813 crore in FY20. It’s losses have increased in the last several years from Rs 400 crore in FY16. It began operations in January 9, 2015.

In May, Tata Sons which owns 51% of Vistara, pumped in Rs 237.15 crore, while Singapore Airlines that owns the remainder put in Rs 227.85 crore.

Tata Sons and Singapore Airlines put in Rs 200 crore in April 2020, Rs 750 crore in July and Rs 585 crore in November.

11/08/21 Anirban Chowdhury/Economic Times

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