New Delhi: The AirAsia-Tata joint venture may have got the green signal from the Foreign Investment Promotion Board but the riddle of a comma seems to have caught the bureaucracy.
The notification that allowed foreign direct investment up to 49% in companies flying in India says “the Government of India has reviewed the position in this regard and decided to permit foreign airlines also to invest, in the capital of Indian companies, operating scheduled and nonscheduled air transport services, up to the limit of 49% of their paid-up capital”.
The catch here is whether the comma put after Indian companies allows new entities to be created to get foreign investment or are they welcome only in the existing airlines?
07/03/13 Jyoti Mukul/Business Standard
