India's Foreign Investment Promotion Board (FIPB) is scheduled to review two investment plans proposed by two foreign companies in an attempt to enter the country's airlines space.

European cargo airline Farnair Switzerland AG proposed investment plan along with 24 other proposals after acquiring Bangalore-based Quikjet's majority stake last February.  The Indian company is set to provide services in domestic destinations for global air cargo firms while Farnair provides operations expertise and jets for long-term lease, according to sources.

In addition, the European company will set up a scheduled network as it chases business growth.

On the other hand, AirAsia presented investment application to FIPB to get 49 percent in joint venture with Telestra Tradeplace Pvt Ltd. and Tata Sons Ltd. in line with its aim to have presence in the Indian aircraft market.