AirAsia gets Govt approval for name of Indian JV with Tata Sons
The name of the new company has been registered in the state of Maharashtra and the approval was granted by the Ministry of Corporate Affairs (MCA) earlier this month, a senior official said.
The company is now in the process of incorporating itself in India and completing other formalities of submitting the required documents and certificates with the Ministry, he said. The filing process for the new venture is being completed on a fast-track basis, he added.
Before incorporating itself in India, a company needs to get its name approved by the Ministry of Corporate Affairs, after which it is required to file an application for incorporation.
Thereafter, the company needs to file a notice of situation of registered office, followed by filings related to particulars of appointment of managing director, directors, manager and secretary.
The country's foreign direct investment clearance body FIPB (Foreign Investment Promotion Board) has already approved investment in the new venture, wherein Malyasia-based AirAsia would hold 49 per cent stake, Tata Sons will have 30 per cent and 21 per cent stake would be owned by Arun Bhatia of Telestra Trade place.
Being started with an initial investment of USD 14.5 million (about Rs 80 crore), AirAsia India would compete in the domestic passenger aviation space with the likes of JetAirways, Spicejet,
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