Singapore Airlines' CEO Goh Choon Phong said Air India's transformation is going to be a "long game, and there is no shortcut". Singapore Airlines, ​which owns a 25.1% stake in Air India, said the Indian group's ⁠losses amounted to $2.80 billion in the fiscal year ended March 2026. Phong said Air India has "largely external challenges" including Pakistan's airspace closure.