Timeline: How SIA's India bet led to a 25.1% stake in Air India

Singapore Airlines (SIA) embarked on a three-decade journey to enter India's aviation market. The venture involved a joint partnership with Tata Sons to establish a new full-service airline named Vistara. Initially, the proposal was rejected due to India's policy barring foreign airlines from holding equity in Indian domestic carriers. However, in 2012, the Indian government permitted foreign airlines to invest up to 49% in Indian scheduled and non-scheduled air transport services.

In September 2013, SIA and Tata Sons announced plans to launch Vistara with SIA owning a 49% share and Tata Sons a 51% share. The airline commenced operations on January 9, 2015, with a combined investment of S$75 million (5 billion rupees). By April 2018, SIA had invested over S$100 million (78.8 million) in Vistara, exceeding its initial plan.

After Tata Sons acquired 100% of Air India in April 2020, SIA confirmed discussions with Tata regarding a merger between Vistara and Air India. In November 2022, the merger agreement was signed, with SIA contributing its 49% stake in Vistara and an additional 20.585 billion rupees (approximately US$250 million) in Air India. The legal merger took place on November 12, 2024, resulting in SIA's 25.1% stake in the merged Air India entity.