Goa, Aug. 25 -- Air India is seeking around $1.5 billion in fresh equity from its owners, Tata Sons and Singapore Airlines, as the airline attempts to strengthen its finances while undergoing a costly and long-term transformation, according to two people familiar with the matter.

The proposed funding would be one of the largest publicly reported requests for shareholder support since the Tata Group took control of the former state-owned carrier in 2022. The request comes months after Air India and its budget subsidiary, Air India Express, reported combined losses of $2.33 billion for the financial year ended March.

The losses were more than double those recorded in the previous year and have also affected the profitability of Singapore ...