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A proposal by Tata Sons and Singapore Airlines for a joint venture involving foreign direct investment worth $49 million will be considered by the Foreign Investment Promotion Board at its meeting on October 18.
The FIPB is also scheduled to take up eight proposals for FDI in the pharmaceutical sector and six in the real estate sector, as per the meeting agenda.
Tata Sons and Singapore Airlines had announced their plans to set up a new full-service airline--Tata-SIA Airlines Ltd--with an initial investment of $100 million last month.
As per the proposal submitted to FIPB, Tata Sons will have a controlling 51 per cent stake in the joint venture while Singapore Airlines will hold a 49 per cent stake.
The FIPB, headed by the Department of Economic Affairs Secretary, clears FDI proposals in sectors where approval is not automatic.
Other proposals
The eight proposals in FDI from the pharmaceutical sector involves ones from Singapore-based GlaxoSmithKline, UK’s Dastag, Mumbai-based Perrigo API and Gurgaon-based Fenwal India.
Applications for FDI in the real estate sector are from companies such as DLF, Religare, Big India Malls and Mordril Properties.
Switzerland’s Nuance Group, a top name in airport retailing, has also applied for investing in India.
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