TATA SIA FIPB Approval
SINGAPORE: Singapore Airlines said it has received approval from India's Foreign Investment Promotion Board (FIPB) to establish a joint venture airline in India with Tata Sons.
In September this year, the carrier announced that it is joining hands with the Indian conglomerate to launch a new full service airline in India.
The joint venture will be 51 per cent owned by Tata Sons and 49 per cent owned by Singapore Airlines.
Singapore Airlines' investment will be US$49 million.
In a statement on Monday, SIA added that the establishment of the airline remains subject to further approvals from India's Directorate General of Civil Aviation.