New Delhi: The airline joint venture between the Tata Group and Singapore Airlines (SIA) has reached its second stage with the company applying for a No-Objection Certificate (NOC) to the civil aviation ministry on Thursday.
"We have received their proposal seeking an initial NOC for the airline venture. We will send names of all board members to the home ministry for security clearances and go through the proposal," said a senior civil aviation ministry official.
The members on the board are Prasad Menon, also the chairman of the company, and Mukund Rajan, both nominated by Tata Sons, the third, Mak Swee Wah, is the initial director nominated by Singapore Airlines.
Tata Sons will be the majority partner in the airline venture with 51 per cent stake, while SIA will hold 49 per cent. The two companies plan to set up the airline with an initial investment of $100 million.
Read news in full 28/12/13 Indian Express
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