India approves AirAsia's tie-up with Tata Group

NEW DELHI Tue Mar 26, 2013 1:49pm IST

The first leased long haul Malaysian AirAsia X's Airbus A330-300 sits on the tarmac during its inaugural ceremony at the airport in Sepang September 18, 2007. REUTERS/Bazuki Muhammad/Files

The first leased long haul Malaysian AirAsia X's Airbus A330-300 sits on the tarmac during its inaugural ceremony at the airport in Sepang September 18, 2007.

Credit: Reuters/Bazuki Muhammad/Files

Related Topics

Stocks

   

NEW DELHI (Reuters) - AirAsia Bhd's (AIRA.KL) proposal to set up a joint venture for running a passenger airline with the Tata Group has been approved by India's Foreign Investment Promotion Board (FIPB), a government statement said on Tuesday.

Malaysia's AirAsia, the largest budget carrier in Asia, plans to launch a regional airline in India with an initial investment of 800 million rupees to cash in on rising demand for domestic air travel among India's expanding middle class.

AirAsia's proposal was cleared at a meeting on March 6, officials had said.

(Reporting by Manoj Kumar; Editing by Matthias Williams and Subhranshu Sahu)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

RBI Policy Review

RBI Policy Review

RBI keeps rates on hold, warns on inflation  Full Article 

Monsoon Season

Monsoon Season

India's 2014 monsoon ends with double-digit rain deficit .  Full Article 

Cleanliness Drive

Cleanliness Drive

Modi orders officials to clean loos on Gandhi's birthday.  Full Article 

Bid to Boost Trading

Bid to Boost Trading

RBI takes small steps to deepen markets.  Full Article 

Car Recall

Car Recall

Maruti Suzuki says to recall 69,555 cars.  Full Article 

China Factory Data

China Factory Data

China final HSBC PMI steady in September on stronger global demand but risks remain  Full Article 

Oil Demand

Oil Demand

India's thirst for oil grows even as China cuts back  Video 

EBay Divests PayPal

EBay Divests PayPal

EBay to spinoff PayPal in 2015  Full Article 

New 'Windows'

New 'Windows'

Microsoft names next operating system 'Windows 10'.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage