Singapore Airlines and India's Tata conglomerate announced Thursday they would set up a new full-service airline based in New Delhi.
Singapore Airlines (SIA) and Tata Sons have signed a memorandum of understanding and applied for government approval for the new carrier, a joint statement said.
Its establishment "will help further stimulate demand for air travel", it said, adding the plan would be subject to regulatory approvals including from India's foreign investment promotion board.
The new carrier "will be based in New Delhi and will operate under the full-service model", the statement said.
Tata Sons will own 51 percent of the carrier and SIA 49 percent.
"We have always been a strong believer in the growth potential of India's aviation sector and are excited about the opportunity to partner Tata Sons in contributing to the future expansion of the market," said SIA chief executive Goh Choon Phong.
"Tata Sons is one of the most established and respected names in India. With the recent liberalisation, the time is right to jointly bring consumers a fresh new option for full-service air travel."
Prasad Menon, chairman of the proposed new carrier, said Tata believes civil aviation in India has sustainable growth potential.
19/09/13 AFP/Global Post
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Singapore Airlines (SIA) and Tata Sons have signed a memorandum of understanding and applied for government approval for the new carrier, a joint statement said.
Its establishment "will help further stimulate demand for air travel", it said, adding the plan would be subject to regulatory approvals including from India's foreign investment promotion board.
The new carrier "will be based in New Delhi and will operate under the full-service model", the statement said.
Tata Sons will own 51 percent of the carrier and SIA 49 percent.
"We have always been a strong believer in the growth potential of India's aviation sector and are excited about the opportunity to partner Tata Sons in contributing to the future expansion of the market," said SIA chief executive Goh Choon Phong.
"Tata Sons is one of the most established and respected names in India. With the recent liberalisation, the time is right to jointly bring consumers a fresh new option for full-service air travel."
Prasad Menon, chairman of the proposed new carrier, said Tata believes civil aviation in India has sustainable growth potential.
19/09/13 AFP/Global Post
