AirAsia Wins Nod for India Airline Venture Investment
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AirAsia Bhd. won approval in India to form a joint venture, the country’s first foreign investment proposal after airline ownership rules were eased.
The airline venture, which includes the Tata group, was approved by the Foreign Investment Promotion Board and will now need to get a license from the Directorate General of Civil Aviation, Economic Affairs Secretary Arvind Mayaram told reporters in New Delhi today. AirAsia, which will own 49 percent of the venture, will initially invest about 800 million rupees ($14.6 million) in the airline operator, he said.