Nearly eighteen years to the day from its first failed attempt to form an airline, the Tata Group now has formalized an agreement with Singapore Airlines to start a full service airline for the Indian market.

The holdings firm for many of the the companies under the Tata Group conglomerate had signed a memorandum of understanding with Singapore Airlines. Under the agreement, Tata Group would own 51% in the carrier with Singapore Airlines owning the rest of the shares.

The group had also previously announced the formation of a partnershi with Malaysian carrier Air Asia for the creation of a low cost carrier to service the Indian market. The holdings firm had since filed an application with the Foreign Investment Promotion Board for approval of the formation of the new airline to fly out of New Delhi.

The board of the new carrier would consist of three members, with two being nominated by Tata Group and one by Singapore Airlines. The chairman of the board of the new carrier would be Prasad Menon, who was nominated by Tata Sons of the Tata Group.