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新航(SIA)再次将目光投向印度

Almost 13 years after pulling the plug on its last attempt to enter the Indian market, Singapore Airlines Ltd (SIA) is taking another stab at the country by again teaming up with the Tata Group as part of a broader strategic shift.

Last week, the two companies  applied to set up a new New Delhi-based full-service carrier, pledging a combined $100 million to get it going. This follows an unsuccessful attempt to do the same in the mid-1990s and a failed attempt to buy state-owned Air India in 2000.

The new carrier, if approved, will initially serve the 1.2 billion Indian market.

Barring no political or regulatory obstacles, it could be airborne in about a year.

SIA, which will have a 49 percent stake in the carrier, will be banking on its success.

Intense competition in its mainline medium and long-haul markets from Gulf carriers like Emirates Airline and neighbors such as Garuda Indonesia and Malaysian Airlines, and weak demand on services to Europe, means that SIA, Asia's second-biggest airline with a market value of $10 billion, has changed course in recent years.

Sources familiar with the airline's strategy say that the management, led by low-profile Chief Executive Goh Choon Phong, is pushing ahead with a "portfolio" strategy that revolves around increasing the company's exposure to the fast-growing Asia Pacific market and low-cost markets.

By diversifying its revenue streams and creating new ones, like the Indian joint venture, Goh and his team plan to reduce SIA's dependence on the flagship carrier over the medium term, say investors and analysts.

"They just have to address why their brand should still be at a premium. They still have a lot to do to actually get investors to be a bit more confident in their prospects," said Kristy Fong, an investment manager at Aberdeen Asset Management, which holds a stake of about 4 percent in SIA.

Despite the near term pressure on profits, SIA's cash pile of $4.5 billion - the biggest among Asian airlines - means that it has the ability to invest in existing and new airlines, the Centre for Aviation (CAPA) said in a report.

It started Scoot, a long-haul low-cost airline, last year to tap the low-fare leisure markets that SIA left behind as it focused on the premium business.

Its one-third stake in short-haul LCC Tiger Airways Holdings Ltd could also potentially go up to 46.5 percent.

SIA bought a stake in Virgin Australia Holdings Ltd in late 2012 and increased this to 19.9 percent, ensuring access to the important Australian market.
 

简明释义:距离上一次与印度公司的合作已经13年了,如果新加波航空公司(SIA)再次青睐印度市场,准备与塔塔集团合作。上周,两家公司一起合作在印度首都新德里运营了一家新公司,计划投入10亿美元。

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