Ratan Tata, Singapore Airlines chief meet Chidambaram
Ratan Tata, Tata group Chairman Emeritus and Goh Choon Phong, CEO, Singapore Airlines Thursday called on Finance Minister P Chidambaram.
New Delhi: Ratan Tata, Tata group Chairman Emeritus and Goh Choon Phong, CEO, Singapore Airlines Thursday called on Finance Minister P Chidambaram.
They discussed the Tata-SIA join venture for launching a full service airline, sources said.
The meeting took place hours after the Foreign Investment Promotion Board (FIPB) gave its approval to Singapore Airlines to invest USD 49 million for starting a full service airline joint venture with Tata Sons. The initial investment in the airlines envisaged at USD 100 million.
After meeting Chidambaram, Tata told a television channel that he was excited about getting FIPB approval and said lots of work was needed to be done to start the venture.
This is Tatas' second venture in the aviation sector after its tie-up with Malaysian carrier Air Asia in February for a low-cost passenger air service.