New Delhi: The Finance Ministry today cleared the investment proposal of Malaysian budget carrier AirAsia which seeks to enter India through a joint venture with Tata Sons Group and Arun Bhatia’s Telestra Tradeplace Pvt Ltd.
“AirAsia’s proposal has been cleared. It is as per the policy (which allows) up to 49 per cent FDI. Rs 80 crore is initial investment,” a senior government official said.
The Foreign Investment Promotion Board (FIPB), headed by DEA Secretary Arvind Mayaram, approved the proposal at its meeting here.
06/03/13 PTI/Deccan Chronicle
