Tuesday, September 19, 2006

Ministry may up FDI cap in chopper carriers to 74%

Dehradun: The civil aviation ministry is contemplating a proposal to allow 74 per cent foreign direct investment in carriers operating helicopters and small planes.
"India has tremendous potential for attracting FDI in helicopter and small plane carriers and we want to tap it," Minister of State for Civil Aviation Praful Patel said on the sidelines of the Nationalist Congress Party convention.
“At present, foreign investors can invest 49 per cent without the government’s permission but we want to give them total control over operations. The ministry is of the view that foreign investors should be allowed to hold a 74 stake in helicopter and small plane carriers,” he said.
"The government is discussing the issue, and we expect to come out with a new policy for investment by the end of this year," he said.
19/09/06 Makarand Gadgil/Business Standard
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