FIPB on 24 October 2013 approved Singapore Airlines’ proposal to start an aviation venture with Tata Sons. The joint venture called TATA SIA will be having initial foreign investment of 49 million US dollars. In the new venture, Tata SIA Airlines Ltd, Tata Sons will be holding 51 per cent stake while Singapore Airlines (SIA) will have 49 per cent. The Corporate Affairs Ministry has already approved the venture. Tata SIA carrier can now launch operations as a full-service air carrier in India. The new venture is likely to take off in 2014.
The FIPB is headed by Economic Affairs Secretary Arvind Mayaram. FIPB is an inter-ministerial panel which approves Foreign Direct Investment (FDI) across sectors.
The Foreign Investment Promotion Board (FIPB) is a national agency of Government of India.