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)
Trending On Reuters
India plans to pull its tariff regime closer in line with global norms to prepare for new regional trade pacts being negotiated by advanced economies, the government said on Wednesday. Full Article
Weak demand weighs on China factory, services firms in March, more easing seen Full Article