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Airasia India - Tata deal set to receive necessary clearance
by Cals Tue 11 Jun 2013, 11:00
Airasia India - Tata deal set to receive necessary clearance
Business & Markets 2013
Written by Bernama
Tuesday, 11 June 2013 10:44
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NEW DELHI (June 11): India's Civil Aviation Ministry will provide all the necessary clearance for the Airasia-Tata move to set-up a local budget carrier, its Minister, Ajit Singh said.
"The company has applied for a no objection certificate (NOC). The names of AirAsia's directors have been sent for security clearance by the Aviation
Ministry," Business Line quoted Singh as saying in London.
According to the report, the minister said the Aviation Ministry will give the clearance for the AirAsia-Tata venture, after the security formalities are completed.
The Tata group along with a Delhi-based investor, have joined hands with Malaysia's AirAsia, promoted by Tan Sri Tony Fernandes, to start AirAsia India.
The application for the venture was submitted after the Indian government tweaked the norms for foreign direct investment in the aviation sector.
Now, foreign airlines are permitted to acquire an up to 49 per cent equity in domestic airlines.
Business & Markets 2013
Written by Bernama
Tuesday, 11 June 2013 10:44
A + / A - / Reset
NEW DELHI (June 11): India's Civil Aviation Ministry will provide all the necessary clearance for the Airasia-Tata move to set-up a local budget carrier, its Minister, Ajit Singh said.
"The company has applied for a no objection certificate (NOC). The names of AirAsia's directors have been sent for security clearance by the Aviation
Ministry," Business Line quoted Singh as saying in London.
According to the report, the minister said the Aviation Ministry will give the clearance for the AirAsia-Tata venture, after the security formalities are completed.
The Tata group along with a Delhi-based investor, have joined hands with Malaysia's AirAsia, promoted by Tan Sri Tony Fernandes, to start AirAsia India.
The application for the venture was submitted after the Indian government tweaked the norms for foreign direct investment in the aviation sector.
Now, foreign airlines are permitted to acquire an up to 49 per cent equity in domestic airlines.
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