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FIPB clears Tata-Singapore Airlines JV
Government on Thursday gave green signal to Singapore Airlines' proposal to start an aviation venture with Tata Sons entailing an initial foreign investment of $49 million.
"It (Tata-SIA proposal) has been cleared," Economic Affairs Secretary Arvind Mayaram told reporters after a meeting of the Foreign Investment Promotion Board in New Delhi.
Mayaram said no riders have been set for the joint venture.
In their new venture, Tata SIA Airlines Ltd, Tata Sons would hold 51 per cent stake and Singapore Airlines 49 per cent.
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FIPB clears Tata-Singapore Airlines JV
Government on Thursday gave green signal to Singapore Airlines' proposal to start an aviation venture with Tata Sons entailing an initial foreign investment of $49 million.
"It (Tata-SIA proposal) has been cleared," Economic Affairs Secretary Arvind Mayaram told reporters after a meeting of the Foreign Investment Promotion Board in New Delhi.
Mayaram said no riders have been set for the joint venture.
In their new venture, Tata SIA Airlines Ltd, Tata Sons would hold 51 per cent stake and Singapore Airlines 49 per cent.
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FIPB clears Tata-Singapore Airlines JV
This is the third attempt by Tatas and SIA to enter the Indian civil aviation sector.
Tatas have a long history of association with civil aviation in India.
JRD Tata had started Tata Airlines in 1932, which was later in 1946 renamed as Air India and was subsequently nationalised in 1953.
The JV would also provide air transport carriers for both passengers and freights as well as supporting services to air transport, like operation or airport flying facilities, radio beacons, flying control centres and radar stations.
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FIPB clears Tata-Singapore Airlines JV
In February this year, Tatas also announced a partnership with Malaysia's AirAsia for a low-cost carrier in India, wherein Arun Bhatia's Telestra Tradeplace is the third partner.
FIPB had approved this venture in April 2013.
As per latest data, during the April-July period, FDI inflow grew by 20 per cent to $7.05 billion, from $5.90 billion in the same period last fiscal.