Malaysian budget carrier AirAsia Wednesday received regulatory approvals from the Foreign Investment Promotion Board (FIPB) for starting a new airline venture in the Indian civil aviation sector with partners like the Tata Group and Arun Bhatia promoted Telestra Tradeplace.
"The good always win. People and companies with good intentions to create jobs and make life of the average man better will always win," an elated Tony Fernandes, Air Asia's Indian origin founder and chief executive, tweeted.
"Thank you all. AirAsia - Tata India airline proposal gets government nod."
In its proposal sent to the FIPB last month, the company had said that it intends to hold 49 percent stake in the venture, which will include industrial conglomerate Tata Group and Telestra Tradeplace.
The Malaysian budget carrier intends to invest anywhere between $30 million to $60 million in the airline venture.