Tata Sons and Singapore Airlines have signed a Memorandum of Understanding (MoU) and applied for Foreign Investment Promotion Board (FIPB) approval to establish a new airline in India.
Subject to FIPB and other regulatory approvals, the airline will be based in New Delhi and will operate under the full-service model. Tata Sons will own 51% and Singapore Airlines will own 49%.
The initial Board will have three members, two nominated by Tata Sons and one nominated by Singapore Airlines.
The Chairman will be Prasad Menon, nominated by Tata Sons. “It is Tata Sons’ evaluation that civil aviation in India offers sustainable growth potential.
We now have the opportunity to launch a world-class full-service airline in India. We are delighted that we are partnering in this endeavour with the world renowned Singapore Airlines,” said Menon, the Chairman of the proposed joint venture.
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