FIPB meet on Tata-SIA plan postponed to October 24

A meeting of the FIPB to consider the Tata-Singapore Airlines proposal to start a full-service airline has been postponed to next week.

"...due to some unavoidable circumstances, the 197th meeting of the Foreign Investment Promotion Board (FIPB) scheduled to be held on Friday (October 18) has been postponed and will now be held on Thursday, October 24," the Finance Ministry said.

Besides the Singapore Airlines' proposal for the tie-up with the Tatas, the FIPB headed by Economic Affairs Secretary Arvind Mayaram was to take up 29 other foreign investment applications. All the proposals on the agenda will now be considered on October 24.

Singapore Airlines plans to invest $49 million in the venture with Tata Sons, the holding company of the Tata Group firms. The venture, to be called Tata SIA Airlines, will have Tata Sons as the majority partner with a 51 per cent stake, while Singapore Airlines will hold 49 per cent.