If the deal is successful, Tata Group will secure Jet Airways' landing rights, routes and related infrastructure amenities
As per information available with the Corporate Affairs Ministry, the new company was incorporated on November 5 with a total paid up capital of Rs 5 lakh and has been registered in New Delhi.
"It (Tata-SIA proposal) has been cleared," Economic Affairs Secretary Arvind Mayaram told reporters after a meeting of the Foreign Investment Promotion Board (FIPB) here.
The new venture, proposed to be called Tata SIA Airlines Ltd, would have Tata Sons as the majority partner with 51 percent stake, while Singapore Airlines would hold 49 percent stake with USD 49 million of foreign direct investment (FDI).