The exact figure not known yet but advertisements for recruiting employees would hit print this week.
As per information available with the Corporate Affairs Ministry, the new company was incorporated on November 5 with a total paid up capital of Rs 500,000 and has been registered in New Delhi.
Singapore Airline along with its Indian JV partner have got clearance from the aviation ministry.
Earlier, the JV company got a go-ahead from the Foreign Investment Promotion Board in October 2013 and was awaiting AOP for launching a full-service carrier.
A day after FIPB cleared the Tata-Singapore Airlines' (SIA) airline venture, Tata group Chairman Emeritus Ratan Tata and SIA chief Goh Choon Phong on Friday met Civil Aviation Minister Ajit Singh exuding confidence of launching flights by May-June next year.
Singapore Airlines has given new brand names to two carriers it controls - SilkAir (short-haul) and Scoot (low-cost, long-haul.
Starting the process of incorporating a new company for its proposed aviation venture with Singapore Airlines, Tata group has sought to register this entity as 'Tata SIA Airlines Limited'.
The new airline will leverage business class seats to improve yield per passenger and fly only to big cities.
FIA has filed two separate petitions challenging the approvals granted to Tata-Airasia and Tata-SIA Airlines deals respectively.
Full-service airline Tata-SIA, submitted its application for the grant of Air Operator's Permit (AOP or flying license) in April.
Singapore Airlines first approached the Tatas, its old choice for a venture in India, and was aware of AirAsia negotiations.
In their new venture, Tata SIA Airlines Ltd, Tata Sons would hold 51 per cent stake and Singapore Airlines 49 per cent.
Tatas and Singapore Airlines have assured the government that control of their proposed airline venture would always remain in Indian hands, while seeking approval to offer passenger services on both domestic and international routes.
Making a strong case for approval of their proposed airline JV, Tatas and Singapore Airlines have said that the venture would create significant job opportunities in India and would boost the country's image as an international investment destination.
On Thursday, DGCA issued a public notice seeking suggestions and objections to the grant of permit.
Competition Commission of India (CCI) has issued a show cause notice to the parties with respect to the proposed merger of Tata Group airlines Vistara and Air India, according to a source. The fair trade watchdog issues notice asking why an investigation should not be initiated only after forming a prima-facie opinion that the deal could adversely impact competition in the marketplace. Vistara and Air India are the two full-service carriers that are part of the Tata Group, and Singapore Airlines holds a 49 per cent stake in Vistara.
Scholarships, sports and spirit define Phee Teik Yeoh, the new CEO of Vistara in India
Phee Teik Yeoh, the recently anointed chief executive officer of the airline, speaks to Business Standard on his aim of changing the rule of the game in the aviation sector by redefining service and operational experience for travellers accustomed to mere functionality.
JV will set up a full-service carrier based out of New Delhi.
Tata Sons is all set to acquire a residual stake of 16.33 per cent in AirAsia India from its joint venture (JV) partner AirAsia Berhad for $19 million (or Rs 142 crore) by early next year. The valuation is in accordance with the previous transaction under which AirAsia Berhad had sold its 32.6 per cent stake, said a banking source. Tata Group had increased its stake in AirAsia India at a valuation of $115 million.
Domestic air passenger volume spiked 70.46 per cent in October to 89.85 lakh over the same month of 2020, DGCA data showed on Thursday. The Indian carriers had flown 52.71 lakh passengers in October last year. It may be recalled that domestic traffic along with international flight services remained shut for two months until May 25, 2020, when scheduled air services were resumed in a graded manner.
Tata Sons and Singapore Airlines (SIA), which recently received a no-objection certificate from the ministry of civil aviation to start a full-service airline (Tata-SIA Airlines), are in the process of securing an import licence for 20 Airbus A320 aircraft.
Tata-SIA have applied to the Civil Aviation Ministry for a no-objection certificate to start a full-service airline in India.
Besides the major metros, the proposed airline would also connect Srinagar, Patna, Chandigarh and Jammu.
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The proposal of Tatas and Singapore Airlines for a new joint venture, entailing foreign investment of $49 million, is likely to come up before the Foreign Investment Promotion Board for approval on October 18.
While four of the directors would be nominated by Tata Sons, the other two would be representatives of Singapore Airlines.
Several new airlines are likely to fly in the Indian sky in the coming months with the government giving flying licence to four of the six companies, which had sought permits for launching scheduled, private or charter air operations.
However, this was subject to conditions like substantial ownership and effective control of the airline being vested in Indian nationals.
With the FIPB giving approval to the Tata-Singapore Airlines joint venture to start a full-service carrier, Tata Group Chairman Emeritus Ratan Tata on Friday met Commerce and Industry Minister Anand Sharma.
Will Jet Airways benefit by shutting its low-cost carrier in a highly price-conscious market?
Tata-SIA will kick off with full-service domestic operations.
With the launch of Tata AirAsia and Tata-SIA, the added capacity will bring down fares considerably, say observers.
A bench of Chief Justice G Rohini and Justice Rajiv Sahai Endlaw posted the matter for hearing on Friday.
Jet Airways, IndiGo and GoAir achieved operating profits of Rs 122.6 crore (Rs 1.22 billion), Rs 795.8 crore (Rs 7.95 billion) and Rs 85.1 crore (Rs 851 million) respectively during the same period, Minister of State for Civil Aviation K C Venugopal said in reply to a question.
India perhaps is the only market in the world where full-service and low-cost fares have become one.
Following the entry of Tata-SIA and AirAsia into the Indian aviation market, the domestic aviation industry is seeing increased interest from private entities.
The airline will launch an additional daily flight on the Mumbai-Ahmedabad and Delhi-Ahmedabad routes during the period.
The Indian government allowed foreign airlines to buy up to 49 per cent stakes in Indian carriers in September 2012.
The group began to outperform the broader market only with the onset of the pandemic in March 2020 while earlier it was largely keeping pace with the Sensex. The group's market cap is up 164.4 per cent since the end of March 2020 against a 105 per cent rally in the Sensex.
It started commercial operations as a full service carrier on January 9.
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