AirAsia gets formal FIPB approval

AirAsia today said it has received formal approval from the Foreign Investment Promotion Board to launch an airline in the country in association with the Tatas, paving the way for the companies to move the sectoral regulator DGCA for an air operator licence.

"The application made by AirAsia through its investment arm, AirAsia Investment, to the Foreign Investment Promotion Board seeking approval for a 49 per cent investment into a joint venture company named AirAsia India, partnering Tata Sons and Arun Bathia of Telestra Tradeplace, has been granted a formal approval on April 4," the Malaysian carrier said in a statement.

AirAsia, the largest low-cost airline in Asia, announced the JV with Tatas late February. Last month FIPB had approved the proposal.

"This approval will enable AirAsia India to apply with the Directorate General of Civil Aviation for the aviation licence to operate as an airline," the statement added.

The proposed airline would operate from Chennai and would be focused on providing connectivity to small towns.

Currently, AirAsia operates in Thailand and Malaysia and already connects Chennai, Bangalore, Thiruchirapalli, Kochi and Kolkata to Asean and beyond.

EDITORIAL OF THE DAY

  • India cannot afford to ignore the looming Greek crisis

    The crisis in Greece may not have a direct bearing on the Indian economy because the trading or banking exposure of Indian companies to that nation is

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Arun Kumar Jain

A complex challenge for our PSUs

Till the mid-1990s, the central government and its companies were ...

Kuruvilla Pandikattu SJ

The transforming qualities of love

The 2015 Templeton Prize has been awarded to Canadian thinker ...

Dharmendra Khandal

The one in which a blue whale was washed ashore

Quite unexpectedly, a gigantic blue whale was washed ashore at ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture