This would be the first entry of a foreign carrier in the domestic aviation sector after the liberalisation of FDI policy in September last year
The Foreign Investment Promotion Board (FIPB) on Wednesday cleared the investment proposal of Malaysian low fare carrier AirAsia, which seeks to enter India through a joint venture with Tata Group and another company.
“AirAsia’s proposal has been cleared. It is as per the policy (which allows) up to 49% FDI. Rs80 crore is initial investment,” a senior government official said.
AirAsia has applied to the FIPB to take 49% in a venture with Tata Sons and Arun Bhatia's Telestra Tradeplace Pvt Ltd.
The carrier will now have to approach the aviation regulator Directorate General of Civil Aviation (DGCA) for further clearances.
“AirAsia will now have to take necessary licence, etc. from DGCA,” the official added.
This would be the first entry of a foreign carrier in the domestic aviation sector after the liberalisation of FDI policy in September last year.
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