SIA gets all-clear for stake in new Indian carrier

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http://www.straitstimes.com/breaking-news/singapore/story/sia-gets-all-clear-stake-new-indian-carrier-20131025

The runway has been cleared for Singapore Airlines (SIA) to set up a New Delhi-based carrier with Indian conglomerate Tata.

A proposal for SIA to take a 49 per cent stake, with Tata absorbing the remaining 51 per cent, was approved yesterday by India's Foreign Investment Promotion Board (FIPB).

"It has been cleared," Economic Affairs Secretary Arvind Mayaram told reporters after the board met in India.

SIA spokesman Nicholas Ionides said in Singapore: "We have yet to be informed by FIPB. However, we are very pleased with the reports of approval."

The next step is for SIA and Tata to get the permits needed from India's civil aviation authority.