Following permission from FIPB, the Tata-SIA Airlines will now have to approach the Ministry of Civil Aviation for an NOC and approval from DGCA
The Foreign Investment Promotion Board (FIPB) has approved Tata group's proposal to set up a full service airline with Singapore Airlines. Tata Group will hold a controlling 51% stake while Singapore Airlines will hold the rest in the joint venture Tata-SIA Airlines.
The new airline will be launched with an initial investment of $100 million, including a foreign direct investment (FDI) of $49 million.
This is the second approval given by FIPB to the Tata Group this year to forge an alliance with a foreign carrier. Earlier in April, the FIPB cleared Tata group's proposal to set up a low-cost carrier in partnership with Malaysia's AirAsia.
The joint venture will now have to approach the Ministry of Civil Aviation for a no objection certificate. Following this, they will have to go to the Directorate-General of Civil Aviation (DGCA) before the airline is allowed to take off.
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