AirAsia gets formal FIPB nod

AirAsia announced it has received formal approval from the Foreign Investment Promotion Board (FIPB) to launch an airline in the country in association with the Tatas.

Written by Express News Service | New Delhi | Published:April 6, 2013 2:43 am

AirAsia on Friday announced it has received formal approval from the Foreign Investment Promotion Board (FIPB) to launch an airline in the country in association with the Tatas.

The approval was sought for a 49 per cent investment into a joint venture company named AirAsia India,partnering Tata Sons and Arun Bhatia of Telestra Tradeplace.

“This approval will enable AirAsia India to apply with the Directorate General of Civil Aviation for the aviation licence to operate as an airline,” said a statement issued by the airline. The proposed airline would operate from Chennai with a focus on small towns. Before moving the DGCA,the airline will have to seek a No-Objection Certificate from the civil aviation ministry.

Sugar scrips rise on price decontrol

Shares of sugar companies on Friday rose after the government partially decontrolled the sector by giving freedom to millers to sell the sweetener in the open market.

DCM Shriram Industries gained 8.87 per cent to Rs 42.95 on the BSE. Shree Renuka Sugar rose by 2.40 per cent,Dhampur Sugar Mills by 7.23 per cent and Bajaj Hindusthan up 0.70 per cent.

“With the decontrol,mills with huge sweetener stock may sell sugar in the exchange. This will further exert downside pressure on the futures markets,” said Pallavi Munankar of Geojit Comtrade.

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