Tata-Singapore Airlines joint venture to always remain under Indian control

New Delhi: The Tata group and Singapore Airlines have assured the government that control of their proposed airline venture would always remain in Indian hands, while seeking approval to offer passenger services on both domestic and international routes.
The new venture, proposed to be called Tata SIA Airlines Ltd, would have Tata Sons as the majority partner with 51 per cent stake, while Singapore Airlines would hold 49 per cent stake with $49 million of foreign direct investment (FDI).
The two partners have sought approval from the Foreign Investment Promotion Board (FIPB) for the FDI. The proposed venture would also require approvals from other agencies like the DGFT, DGCA and CBEC, besides other ministries and state government departments.
Read News In Full 24/09/13 PTI/NDTV.com