Mumbai: Tata Sons have signed an agreement with Singapore Airlines and applied for necessary regulatory approval to set up a new airline in India, the two companies said in a joint statement.
"Subject to the Foreign Investment Promotion Board (FIPB) and other regulatory approvals, the airline will be based in New Delhi and will operate under the full-service model," the statement said.
Tata Sons will control the majority 51 percent stake, while Singapore Airlines will own 49 percent in the proposed carrier.