• Registered Users :
  • 163481
  • Current Active Users :
  • 103749

News CORPORATE WATCH

  • Mar 06, 2013
  • Comma rescues AirAsia-Tata JV: Strategic position in Press Note 6 ensures clearance

    The humble comma has come to the rescue of a joint venture between the Tatas and AirAsia. The Foreign Investment Promotion Board's (FIPB) interpretation of the intent behind the placement of a comma has ensured the clearance of the Rs80-crore venture between AirAsia, Tata Sons and Telstra Tradeplace despite objections from civil aviation ministry officials that the proposal was not consistent with the foreign direct investment policy.
    In the FIPB meeting on Wednesday, aviation ministry officials argued that current policy allows a foreign airline to invest only in an existing carrier and not a greenfield one, but officials of the finance ministry and Department of Industrial Policy and Promotion (DIPP) asserted that Press Note 6 issued in September last year allows such investment.

    Source - http://economictimes.indiatimes.com