FIPB meet on Tata-SIA airline proposal postponed to October 24
New Delhi: A meeting of the FIPB to consider the Tata-Singapore Airlines proposal to start a full-service airline has been postponed to next week.
"...Due to some unavoidable circumstances, the 197th meeting of the Foreign Investment Promotion Board (FIPB) scheduled to be held on Friday (October 18) has been postponed and will now be held on Thursday, October 24," the Finance Ministry said.
Besides the Singapore Airlines' proposal for the tie-up with the Tatas, the FIPB headed by Economic Affairs Secretary Arvind Mayaram was to take up 29 other foreign investment applications. All the proposals on the agenda will now be considered on October 24.
Singapore Airlines plans to invest USD 49 million in the proposed venture with Tata Sons, the holding company of the Tata Group firms. The venture, to be called Tata SIA Airlines Ltd, will have Tata Sons as the majority partner with a 51 percent stake, while Singapore Airlines will hold 49 percent.
Pharma sector FDI proposals include those from Castleton Investment Ltd, Mauritius and GlaxoSmithKline Pte Ltd, Dastag UK, Perrigo API India Pvt Ltd and Intas Pharmaceuticals.
The FIPB will also take up an application of SingTel Global (India), an arm of Singapore-based telecom firm SingTel. The agenda includes proposals from MY Mobile Payment, DLF Limitless Developers, Religare Enterprises, DA Vinci GmbH, and Federal Bank.
FDI into India grew by 20 per cent to USD 7.05 billion in the April-July period from USD 5.9 billion a year earlier, according to the Department of Industrial Policy and Promotion.