FIPB to take up AirAsia entry proposal on March 6

The finance ministry will take up on March 6 the investment proposal of Malaysian budget carrier AirAsia which seeks to enter India through a joint venture with the Tata Group and another company.

The investment proposal of AirAsia Investment Ltd, Malaysia, has been listed in the agenda of the Foreign Investment Promotion Board (FIPB) meeting scheduled on March 6, sources said.

AirAsia has applied to FIPB to take 49 per cent in a venture with Tata Sons Ltd and Arun Bhatia's Telestra Tradeplace Pvt Ltd, the Malaysian company had said earlier this week. If cleared, this will be the first entry of an foreign carrier in the domestic airlines after the aviation FDI policy was liberalised.

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