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

India-WTO Standoff

India-WTO Standoff

India threatens to derail WTO deal, prompts angry U.S. rebuke  Full Article 

Economic Pulse

Economic Pulse

New govt promises low and stable tax regime for economic revival.  Full Article 

IPO Probe Ends

IPO Probe Ends

Facebook says SEC's IPO probe ends, extending WhatsApp closing date  Full Article 

World Stocks

World Stocks

Goldman Sachs downgrades stocks to neutral for short term  Full Article 

Disappointing Results

Disappointing Results

Amazon's far-reaching ambitions, lack of profits, unnerve investors  Full Article 

Global Growth

Global Growth

IMF cuts outlook, warns of stagnation risk in rich nations  Full Article 

Market Eye

Market Eye

Nifty retreats from record highs on profit taking.  Full Article 

Waning Enthusiasm

Waning Enthusiasm

Markets' post-election enthusiasm lost on consumers.  Full Article 

Reuters India Mobile

Reuters India Mobile

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