New Delhi: The proposed Tata Sons-Singapore Airlines venture will eventually have a six-member board consisting of four nominees of the Indian partner and two representatives of the foreign partner, according to a proposal submitted to the Foreign Investment Promotion Board on September 20.
The joint venture company will be called Tata SIA Airlines. Singapore Airlines has sought government permission to induct $49 million to hold a 49% stake in the venture. "Upon receipt of all necessary approvals from the FIPB under this proposal, the JV company shall be capitalised to the extent of 50 crore," said the application. The Tatas will hold a 51% stake.
The proposed airlines would fly within India as well as on international routes, the two partners have said in their proposal.
To begin with, the joint venture company will have a three-member board. While Mak Swee Hah will be Singapore Airlines' sole nominee, Tata Sons will be represented by Prasad Menon and Mukund Rajan. Menon will be the chairman of the company.
Read News In Full 23/09/13 Rasul Bailay/Economic Times
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