FIA writes to PM Manmohan Singh to hold permit for AirAsia India launch

Mar 08 2014, 10:48 IST
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Entry of the upcoming carrier AirAsia in the Indian market will result in 'unfair' competition, said FIA in a letter to PM. Entry of the upcoming carrier AirAsia in the Indian market will result in 'unfair' competition, said FIA in a letter to PM.
SummaryBy allowing new entrants to invest with new partners it would defeat the purpose of policy, said FIA in a letter to PM.

respond by March 12. .

The upcoming airline Air Asia India had on April 2013 obtained approval from the Foreign Investment Promotion Board, which cleared the $30-million deal to launch Air Asia India. The Civil Aviation Ministry gave a no-objection certificate (NOC) to the airline during September last year. The airline was also granted in-principle approval to import 10 Airbus A-320-200 aircraft in December last year.

Officials of Air Asia India had earlier told FE that the airline was looking for a launch in India in the March-May period .

Air Asia India is a joint venture between Air Asia Bhd, which holds 49% stake, Tata Sons Ltd, which holds 30% and Arun Bhatia of Telestra Tradeplace Pvt. Ltd, which holds 21% stake in the airline.

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