Government clears Tata-Singapore Airlines joint venture

New Delhi, Oct 24: The government Thursday approved the joint venture (JV)

between industrial conglomerate

Sons and Singapore Airlines.

The two companies' plan for the launch of a new full-service private carrier based in New Delhi was approved by the Foreign Investment Promotion Board (FIPB), which met here.

Economic Affairs Secretary Arvind Mayaram told reporters that the deal has been cleared.

Both the companies last month signed a memorandum of understanding (MoU) to launch an airline by investing $100 million and sought the FIPB's approval.

The majority stake in the proposed new airline will be held with the Tata Sons, who will own 51 percent, while the rest 49 percent will be with Singapore Airlines.

IANS