SIA, Tata win initial approval to start airline in India
Add BT as a preferred source[SINGAPORE] Singapore Airlines Ltd, South-east Asia's biggest carrier, won initial approval from the Indian government to start an airline in the world's second-most populous country with its partner Tata Group.
India's Foreign Investment Promotion Board approved the proposal, Economic Affairs Secretary Arvind Mayaram said in New Delhi yesterday. Tata will hold 51 per cent and Singapore Air the remainder of the venture, which still needs to procure an airline license.
Entering India will enable Singapore Air to get a foothold in a market where the number of air passengers is forecast to triple to 452 million by 2020. Asia's third-largest economy last year permitted foreign airlines to buy stakes in local carriers, a move that brought in investments from Malaysia's AirAsia Bhd and Abu Dhabi's Etihad Airways PJSC.
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