FIPB meet on Tata-SIA proposal deferred

The Tatas will own 51 per cent stake in the joint venture and the remaining will be of SIA.

Written by Express News Service | New Delhi | Published:October 18, 2013 3:51 am

The Foreign Investment Promotion Board’s decision on allowing a proposal to start a full-service carrier by Tata Sons and-Singapore Airlines has been delayed,as the meeting scheduled for Friday has been postponed to October 24.

“Due to some unavoidable circumstances the 197th Meeting of the FIPB scheduled to be held on Friday,the October 18 has been postponed and will now be held on Thursday,the October 24,” said a statement issued by the government.

Tata Sons announced an alliance with SIA to launch a full service carrier in India with an initial investment of $100 million on September 19.

The Tatas will own 51 per cent stake in the joint venture and the remaining will be of SIA.

Besides the TATA-SIA proposal,the FIPB headed by Economic Affairs Secretary Arvind Mayaram was to take up 29 other foreign investment applications. All proposals on the agenda will now be considered on October 24.

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