Tata aviation companies report higher loss of Rs 15,532 crore in FY23
Tata Group’s aviation companies, namely Air India, Air Asia, and Tata SIA Airlines, have reported a higher loss of Rs. 15,532 crore for the financial year ended in March 2023, compared to the Rs. 13,767 crore loss reported by the airlines in 2021-22.
In 2022, Tata Group acquired Air India for Rs. 2,700 crore in cash and assumed liabilities of Rs. 15,986 crore from the Indian government. Tata had previously established Tata SIA Airlines in collaboration with Singapore Airlines and AirAsia India with Air Asia from Malaysia as joint venture partners. However, since their inception, these two airlines have not turned a profit and have reported losses for 2022-23 (FY23).
