Mumbai: The meeting of the Foreign Investment Promotion Board next month won’t just take up Air Asia’s proposal of a maiden foreign direct investment (FDI) by an airline in a domestic passenger airline being co-promoted by the Tatas.
It will also discuss a proposal from Farnair Switzerland AG to hike its investment in Quikjet Cargo Airlines, where the Tatas are co-investors.
While foreign airlines were allowed only in September last year to acquire up to 49% stake in local carriers, they have been permitted since 2008 to buy up to 74% in cargo airlines.
Quikjet was formed in 2007, promoted by AFL Pvt Ltd, one of the largest players in the domestic logistics industry, along with Cardinal Aviation Pte Ltd, a private equity based out of Singapore.
25/02/13 Sumit Moitra/Daily News & Analysis
