New Delhi: The
finance ministry will take up on 6 March 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 and Arun Bhatia’s Telestra Tradeplace Pvt Ltd.
Other major
foreign direct investment (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 Ltd. Earlier also, the FIPB had taken up the case in
November 2012 but had deferred decision.
http://www.livemint.com/Politics/1r9OVP2cdFO0m25nniSQRO/FIPB-to-take-up-2-aviation-investment-proposals-on-6-March.html
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