Indian carrier Vistara has received a financial injection of more than $65 million from Tata Sons and Singapore Airlines (SIA1) (SINGY), according to Indian media.
The cash injection was reportedly made through a new rights issue worth INR 500 crore (approximately $65 million) on March 14, 2022.
According to a regulatory filing with the Ministry of Corporate Affairs seen by the Indian Express,Tata and Sons, which holds 51% of Vistara shares, injected more than $33.3 million (INR 255 crore) into the Indian airline. The loss-making airline’s other joint owner, Singapore Airlines (SIA1) (SINGY), which owns the remaining 49% stake in Vistara, allocated around $32 million (INR 245 crore).
However, none of the parties have publicly unveiled further details regarding the deal.
Vistara’s recent round of funding comes almost seven months after the last equity infusion from its joint owners made in August 2021. At the time, Tata Sons and Singapore Airline injected more than $98 million (INR 750 crore) into the airline.
According to the carrier’s latest financial report, Vistara experienced a loss of $210.7 million (INR 1,611.57 crore) in the full year of 2021 owing to continued COVID-19 restrictions. However, the company ended 2021 with lower loss than 2020, when the airline recorded a $237 million loss (INR 1,813.39 crore).