Regions

Tata Sons - Singapore Airlines approvals held back a week

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October 17
2:57 PM 2013

The FIFB is set to meet to consider the Tata-Singapore proposal to start full operations of the airlines that had been postponed for next week.

According to the Finance Ministry, "... 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."

Aside from the Singapore Airlines' proposal, the government regulatory authority would be reviewing 29 other foreign investment applications. The entity is headed by Economic Affairs Secretary Arvind Mayaram and would be rescheduled for consideration on October 24.

The Singapore Airlines would plan to invest USD49 million in its venture with the holdings firm of the Tata Group of Companies, Tata Sons. The venture is to known as the Tata SIA Airlines Ltd. Tata Sons would have a 51% shareholding while the airline would be owning 49%. 

Overall, foreign direct investments into India grew by 20% to a value worth USD7.05 billion from April to July. According to the Department of Industrial Policy and Promotion, this is a significant increase from the USD5.9 billion in 2012.

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