AirAsia gets formal FIPB approval
Quotes

AirAsia gets formal FIPB approval

Last Updated: Friday, April 5, 2013, 16:21
 
 Comment 0
 
AirAsia gets formal FIPB approval
Mumbai: AirAsia Friday said it has received formal approval from the Foreign Investment Promotion Board to launch an airline in the country in association with the Tatas, paving the way for the companies to move the sectoral regulator DGCA for an air operator licence.

"The application made by AirAsia through its investment arm, AirAsia Investment, to the Foreign Investment Promotion Board seeking approval for a 49 percent investment into a joint venture company named AirAsia India, partnering Tata Sons and Arun Bathia of Telestra Tradeplace, has been granted a formal approval on April 4," the Malaysian carrier said in a statement.

AirAsia, the largest low-cost airline in Asia, announced the JV with Tatas late February. Last month FIPB had approved the proposal.

"This approval will enable AirAsia India to apply with the Directorate General of Civil Aviation for the aviation licence to operate as an airline," the statement added.

The proposed airline would operate from Chennai and would be focused on providing connectivity to small towns.

Currently, AirAsia operates in Thailand and Malaysia and already connects Chennai, Bangalore, Thiruchirapalli, Kochi and Kolkata to Asean and beyond.

PTI



First Published: Friday, April 5, 2013, 16:21


Comments


comments powered by Disqus
Hyundai 4S Fluidic Verna
Hyundai 4S Fluidic Verna
Top 5 anticipated luxury cars of 2015
Top 5 anticipated luxury cars of 2015
Top 5 anticipated smartphones of 2015
Top 5 anticipated smartphones of 2015
World Economic Forum 2015
World Economic Forum 2015
G20 Summit 2014
G20 Summit 2014

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved