New Delhi: Tata Group’s second airline venture with Singapore Airlines is now closer to take-off, with the joint venture receiving the mandatory security clearance for its board members from the home ministry, a senior civil aviation ministry official said.
New Delhi-based Tata Group and Singapore Airlines is now expected to soon get a no-objection certificate (NOC) from the civil aviation ministry before it reaches the final stage prior to take-off — getting an air operator's permit from the aviation regulator Directorate General of Civil Aviation (DGCA). “We are examining the home ministry clearance which we have recently received for Tata-SIA. It is being processed, after which the NOC will be issued,” the aviation ministry official said.
Members on the board of Tata-SIA include Tata Sons nominees Prasad Menon (chairman) and Mukund Rajan, besides Mak Swee Wah, the director nominated by Singapore Airlines. While both partners will initially invest $100 million, Tata Sons will be the majority partner with 51% stake. SIA will hold 49%. The JV had received approval from the Foreign Investment Promotion Board (FIPB) to set up Tata-SIA Airlines in October last year.
28/03/14 Roudra Bhattacharya/Financial Express
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New Delhi-based Tata Group and Singapore Airlines is now expected to soon get a no-objection certificate (NOC) from the civil aviation ministry before it reaches the final stage prior to take-off — getting an air operator's permit from the aviation regulator Directorate General of Civil Aviation (DGCA). “We are examining the home ministry clearance which we have recently received for Tata-SIA. It is being processed, after which the NOC will be issued,” the aviation ministry official said.
Members on the board of Tata-SIA include Tata Sons nominees Prasad Menon (chairman) and Mukund Rajan, besides Mak Swee Wah, the director nominated by Singapore Airlines. While both partners will initially invest $100 million, Tata Sons will be the majority partner with 51% stake. SIA will hold 49%. The JV had received approval from the Foreign Investment Promotion Board (FIPB) to set up Tata-SIA Airlines in October last year.
28/03/14 Roudra Bhattacharya/Financial Express
