Tata-Singapore Airlines, the aviation venture between Tata Sons and Singapore Airlines, is on the lookout for a creative partner. The multi-agency pitch is underway in New Delhi. There was no official confirmation at the time of filing the report, however, sources close to exchange4media have confirmed the news.
In the new venture, christened Tata-SIA Airlines, Tata Sons has 51 per cent stake, while Singapore Airlines (SIA) has 49 per cent stake. The joint venture received approval from the Foreign Investment Promotion Board (FIPB) to set up Tata-SIA Airlines in October last year. The airline will be based in New Delhi and the venture is likely to be launched by May-June this year. Prasad Menon has been roped in as Chairman of this new venture.
According to media reports, the Union Home Ministry is vetting the names of top bosses of the Tata-Singapore Airlines venture for security clearance, a major pre-requisite for the airline to get an NOC from the Ministry. The joint venture will give a boost to the aviation sector and stimulate demand for air travel.
Tatas have had a long association with aviation. JRD Tata had started Tata Airlines in 1932, which was renamed as Air India in 1946. The airline has been serving passengers for years. In February 2013, Tata Group also announced a partnership with Malaysia’s AirAsia to make a comeback in the aviation sector.