Tata, Singapore Air deal gets investment approval

  • Reuters, New Delhi
  • Updated: Oct 24, 2013 12:59 IST

Singapore Airlines has won the Indian Foreign Investment Promotion Board's approval to set up a full-service airline in the country in a joint venture with the Tata conglomerate, a senior finance ministry official said.

Economic affairs secretary Arvind Mayaram, who was speaking to reporters after a meeting of the FIPB on Thursday, did not give further details.

Singapore Airlines will make an initial investment of $49 million for a 49% stake in the joint-venture company, while the Tata Group will initially invest $51 million for the remaining stake, the companies have said.

The JV airline needs a slew of other regulatory approvals before it can start operations.

Mayaram also said the FIPB approved a foreign direct investment proposal by a unit of SingTel, but did not elaborate.

The SingTel unit wants to increase its stake to 100% in a long-distance phone business in India by buying out stakes held by its local minority partners, after the government removed a 74% foreign holding cap in telecom companies.

From Around the Web
Sponsored by Revcontent

also read

‘Drop in credit due to past mistakes of banks’
Show comments

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Chrome and Ad BlockPlus users

1.Press the ‘ABP’ icon in your toolbar at top right of this page

2. Click on ‘Enabled on this site’; this should now change to ‘Disabled on this site’


chrome



For Chrome and Ad Block users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don’t run on pages on this domain’ and then click ‘exclude’ on the pop up


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Mozilla and AdBlock Plus (ABP) users

1.Press the ‘ABP’ icon in your toolbar

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Internet Explorer and AdBlock Plus users

1.Press the ‘AdBlock Plus’ icon in your status bar at the bottom of the screen

2.Select the option ‘Disable on hindustantimes.com’


chrome

Steps to disable Ad Blocker on your browser


In order to serve content on our website, we rely on advertising revenue which helps us to ensure that we continue to serve high quality unbiased journalism. From our end, we will aim to show clean and unobtrusive ads to provide you with a great browsing experience.

Request to please follow the steps below and once done, please refresh your page.


For Safari and AdBlock users

1.Press the ‘AdBlock’ icon in your toolbar

2.Select the option ‘Don't run pages on this domain’ and then click 'exclude'


chrome