New Delhi:The board of the proposed Tata SIA Airlines Ltd would eventually have six directors, Tata Sons and Singapore Airlines have said in an application to the Foreign Investment Promotion Board.
While four of the directors would be nominated by Tata Sons, the other two would be representatives of Singapore Airlines. The chairman of the board will always be a Tata nominee, the partners have said in their application. The chairman and at least two-thirds of the directors of the Tata-SIA board will be Indians, to conform with foreign direct investment guidelines.
According to the memorandum of understanding between Tata Sons and Singapore Airlines, the board of the proposed joint venture company is initially to comprise three directors. While Tata Sons will nominate Prasad Menon and Mukund Rajan, the third, Mak Swee Wah, is the initial director nominated by SIA. The board will be chaired by Menon. Subsequently, the board would be expanded to six.
Tata Sons and SIA are looking to leverage synergies. SIA would provide access to the new airline to its global network. SIA would additionally share personnel for developing the expertise in the JV company and aid in cost savings in procurement of aircraft, engineering services, spares and infrastructure from its own vendors.
23/09/13 Sharmistha Mukherjee & Surjeet Das Gupta/Business Standard
To Read the News in full at Source, Click the Headline
While four of the directors would be nominated by Tata Sons, the other two would be representatives of Singapore Airlines. The chairman of the board will always be a Tata nominee, the partners have said in their application. The chairman and at least two-thirds of the directors of the Tata-SIA board will be Indians, to conform with foreign direct investment guidelines.
According to the memorandum of understanding between Tata Sons and Singapore Airlines, the board of the proposed joint venture company is initially to comprise three directors. While Tata Sons will nominate Prasad Menon and Mukund Rajan, the third, Mak Swee Wah, is the initial director nominated by SIA. The board will be chaired by Menon. Subsequently, the board would be expanded to six.
Tata Sons and SIA are looking to leverage synergies. SIA would provide access to the new airline to its global network. SIA would additionally share personnel for developing the expertise in the JV company and aid in cost savings in procurement of aircraft, engineering services, spares and infrastructure from its own vendors.
23/09/13 Sharmistha Mukherjee & Surjeet Das Gupta/Business Standard
