Air India weighs Singapore Airlines executive for CFO as losses mount

Mumbai: Air India is considering appointing an executive from its investor, Singapore Airlines, as its next chief financial officer (CFO), a move that underscores the Singaporean flag carrier’s growing operational involvement in the Tata-owned airline as it works to chart a path to profitability.

Air India's management has held preliminary discussions on the appointment with Tata Sons chairman N. Chandrasekaran and Air India chief executive officer (CEO) Tewolde Gebremariam, both of whom are understood to be supportive of the move, according to an executive privy to the development. However, the executive said Air India's board-appointed nomination and remuneration committee (NRC) would need to approve any such appointment.

The three-member NRC comprises Chandrasekaran, and two independent directors of Air India, Alice Vaidyan and P. R. Ramesh.

Emails sent to Air India and Singapore Airlines on 27 October remained unanswered.

Singapore Airlines has been deepening its involvement in Air India by bringing in executives with experience in its own operations, particularly in technical and operational roles. A CFO appointment would extend that influence to the airline’s financial management at a time when its losses have more than doubled, according to a second executive.

Air India Group reported a consolidated net loss of ₹22,238 crore in fiscal year 2026 (FY26), compared with ₹10,859 crore in FY25. The airline continues to require substantial capital to fund its operations, fleet expansion and transformation, raising questions about the scale and sustainability of financial support from its shareholders.

Singapore Airlines is currently represented on Air India’s board by its chief executive, Goh Choon Phong. Two other executives with Singapore Airlines backgrounds: chief operating officer Basil Kwauk and head of engineering and maintenance Jeremy Yew Jin Kit, are part of Air India’s 10-member executive leadership team.

Mint could not independently ascertain the identity of the Singapore Airlines executive being considered for the role or when the executive would take over from incumbent CFO Sanjay Sharma.

Sharma joined the airline in June 2024 from Tata Projects Ltd, where he also served as CFO. He previously held the same position at Tata Realty and Infrastructure Ltd and after working as managing director and head of equity capital markets at Deutsche Bank Group. Sharma also spent 14 years with Merrill Lynch across Hong Kong and Mumbai.

The appointment would mark a significant development in Singapore Airlines’ role at Air India since Tata Group took control of the airline in January 2022. Singapore Airlines holds a 25.1% stake in Air India, making it a key minority investor in the carrier’s long and expensive turnaround.

Air India’s mounting losses have raised concerns in Singapore because its investor, Singapore Airlines, is partly owned by state investor Temasek. In September, the Singapore government defended the investment, saying Air India’s losses did not automatically become liabilities for Singapore Airlines, and that investments did not necessarily yield immediate returns. It added that Singapore Airlines would decide whether to provide additional capital to Air India.

“Tewolde comes from a system that grooms executives through early exposure to different business functions. Having worked in strong teams that value delegation, it’s no surprise he wants to strengthen his team, ideally with an outsider untainted by internal politics,” said Sean Mendis, a Malawi-based aviation consultant.

“I think Singapore Airlines has their own shareholder pressure from Air India dragging down their financial results. They would definitely want to have closer visibility or even some control of the process now rather than just signing blank checks,” said Mendis.

The discussions also coincide with the induction of a new chief executive officer, with Gebremariam replacing Campbell Wilson, who cut his five-year stint and resigned this year.

Singapore Airlines reported a 57% drop in its full-year net profit for FY26 to S$ 1.184 billion, a steep decline from S$ 2.778 billion in the previous year. This downturn was heavily driven by the absence of prior-year one-off gains from the Vistara merger and massive equity-accounted losses from its stake in Air India, which cost Singapore Airlines S$ 945.2 million for the fiscal year.

Chandrasekaran said in July that Air India’s turnaround could take up to a decade.

Tata Sons has approved an infusion of ₹10,000 crore into Air India in July, according to the second executive familiar with the matter.

Abhishek Law in New Delhi contributed to the article