Sunday, February 24, 2013

FIPB to take up 2 aviation investment proposals on March 6

The Finance Ministry will take up on March 6 for consideration an investment plan of Farnair Switzerland AG, an European cargo airline, along with 24 other proposals.
The investment application by Malaysia's AirAsia, which plans to enter Indian airlines space through a joint venture with the Tata Group and another company, will also come up for consideration of the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Arvind Mayaram.
Farnair Switzerland AG had bought a majority stake in Quikjet last February. Tata Capital Ltd is one of the key investors in Quikjet Cargo.
Quikjet Cargo, which started operations in February 2012, carries out commercial operations within the country with a small ATR-72 turboprop plane and is in the process of expanding its fleet to have a pan-India network.
24/02/13 PTI/Business Standard