New Delhi: Making a strong case for approval of their proposed airline JV, Tata Group and Singapore Airlines have said that the joint venture (JV) would create significant job opportunities in India, boost aviation sector and would boost the country's image as an international investment destination.
The two partners have also listed out a number of other economic benefits for the country from their new venture, Tata SIA Airlines Ltd, where Tata Sons would hold 51 per cent stake and Singapore Airlines (SIA) 49 per cent.
"The brand 'SIA' is recognised worldwide and the expansion of the 'SIA' in India will signal the ability of the country to attract leading names from the international circuit to benefit the Indian market and customers.
"High foreign investment inflows would further strengthen the civil aviation sector," the two partners said in an application to the Foreign Investment Promotion Board (FIPB), while seeking approval for USD 49 billion worth FDI by SIA.
The two groups have also emphasised that investment from SIA and operations of the proposed JV would have the potential for significant foreign exchange earnings in India.
Read News In Full 25/09/13 PTI/Financial Express
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