India approves AirAsia JV investment

Victoria
By Victoria March 26, 2013 14:25

India approves AirAsia JV investment

India’s Foreign Investment Promotion Board (FIPB) has formally approved the creation of a new joint venture airline between AirAsia and Tata Group. In a press statement issued on 25 March, the ministry says it approved AirAsia’s application to invest 800 million Indian rupees at a meeting on March 6.

Shares in Jet Airways India fell nearly 3% and SpiceJet’s fell 3.4% on the news as concerns are raised over increased competition in the country.

Victoria
By Victoria March 26, 2013 14:25
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