The Finance
Ministry will take up on March 6 for consideration an investment plan of
Farnair Switzerland AG, an European cargo airline, along with 24 other
proposals.
The investment application by Malaysia's
AirAsia, which plans to enter Indian airlines space through a joint venture
with the Tata Group and another company, will also come up for consideration of
the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs
Secretary Arvind Mayaram.
Farnair Switzerland AG had bought a majority
stake in Quikjet last February. Tata Capital Ltd is one of the key investors in
Quikjet Cargo.
Quikjet Cargo, which started operations in
February 2012, carries out commercial operations within the country with a
small ATR-72 turboprop plane and is in the process of expanding its fleet to
have a pan-India network.The Bangalore-based firm offers its services in
domestic destinations for global air cargo companies, while Farnair provides
planes and operational expertise, sources said.
Farnair will offer its aircraft for long-term
lease, while also setting up a scheduled network. It plans to increase fleet as
business grows.
AirAsia has applied to FIPB to take 49% in a
venture with Tata Sons Ltd and Arun Bhatia's Telestra Tradeplace Pvt Ltd.
Other major FDI proposals on the FIPB agenda
are that of YES Bank Ltd, ICICI Venture Funds Management Company and SIDBI
Social Venture Trust.
The Board will again take up the application
of the Bangalore based Bharat Electronics Limited. Earlier also, the FIPB had
taken up the case in November 2012 but had deferred decision.
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