AirAsia India gets no objection certificate

New Delhi, Sep 26 (IANS) Budget passenger carrier AirAsia Thursday said its proposal for setting up a new airline has received no objection certificate (NOC) from the civil aviation ministry.

"I am thrilled to announce that AirAsia India has received NOC approval from the government of India. Very exciting and hugely profitable. I want to praise th government of India for quickest approval ever in granting NOC for Airasia India," Tony Fernandes, AirAsia's Indian-origin founder and chief executive, wrote on the micro-blogging site Twitter.

"This is the fastest an NOC has been granted, and with this we will focus on obtaining the air operating permit," said Mittu Chandilya, chief executive, AirAsia India.

"We will continue with our preparations and get ourselves ready for take-off once the air operating permit is acquired."

The air operating permit has to be obtained from the Directorate General of Civil Aviation (DGCA) and is necessary to start the airline's operations.

The NOC from the ministry would enable the proposed airline to import the three aircraft it has in its fleet to its operational base of Chennai.

The airline in its application proposed to start operations with a few aircraft and eventually operate around 37 in the next five years. Last month, the proposed airline obtained security clearance from the home ministry.

The low-cost carrier (LCC) has said it will operate from Chennai and focus on providing connectivity to tier-II and -III (smaller) cities.

In its proposal which got the nod from the Foreign Investment Promotion Board (FIPB) in April, AirAsia said it intended to hold 49 percent stake in the joint venture (JV).

Tata Sons will hold a 30 percent stake in the JV and Arun Bhatia-promoted Telestra Tradeplace 21 percent. The initial investment approved for the airline stands at Rs.80.98 crore.

The FIPB approval allowed the proposed budget passenger carrier to initiate the process for rolling out the seventh scheduled domestic carrier in the Indian skies, after receiving regulatory clearance from the civil aviation ministry.

Currently, there are six scheduled domestic airlines in the country -- Air India, Jet Airways, Jet Lite, SpiceJet, IndiGo and GoAir. The operating licence of Kingfisher Airlines was suspended last year.

The approval came after a change in the foreign capital investment rules in the Indian domestic aviation sector initiated by the government last year by allowing foreign airlines to invest up to 49 percent in private domestic carriers.

The proposed AirAsia India would have a fleet of just three Airbus A320 aircraft and a staff of over 200 to start the operations.

Matches

MORE TOP STORIES TODAY

Royal test for Kings

Royal test for Kings

Preview — Clash of philosophies between Australia-centric teams More »

Duminy steals first win for Delhi

Duminy steals first win for Delhi

Furious fifties by Duminy and Dinesh Karthik end a long losing streak for the Daredevils. More »

AB, Parthiv seal Bangalore's second win

AB, Parthiv seal Bangalore's second win

Royal Challengers overcame a stutter to cruise to the small target they were set by Mumbai Indians. More »

...if they are to return to winning ways

...if they are to return to winning ways

England have appointed a new head coach in Peter Moores. More »

‘Felt like helpless minority’

‘Felt like helpless minority’

Former BCCI treasurer Ajay Shirke says emotions got the better of the Srinivasan and he tried to oversimplify things by calling Meiyappan an “enthusia… More »

No way back for Pietersen: ECB

No way back for Pietersen: ECB

Kevin Pietersen's hopes of reviving his international career appeared to end Saturday when ECB managing director Paul Downton said there was 'no way back'… More »

The world record that nearly wasn't

The world record that nearly wasn't

Twenty years ago this week, Brian Lara became Test cricket's highest scorer, but he almost didn't make it. More »

Srinivasan can attend BCCI meeting

Srinivasan can attend BCCI meeting

His status as president of TNCA makes him eligible to attend the Working Committee meeting on Sunday. More »

Maxwell carves his parallel universe

Maxwell carves his parallel universe

Glenn Maxwell seems to project an icy disdain when at the crease. Match situations rarely faze him and the bubble in which he plays excludes everyone … More »

Bangladesh senior players to see shrink

Bangladesh senior players to see shrink

Bangladesh's senior players will have three sessions with a psychological skill development coach later this month More »

BCCI is not anybody’s property — Dalmiya

BCCI is not anybody’s property — Dalmiya

Dalmiya feels that Srinivasan’s ‘power hungry’ attitude isn’t helping matters. More »

Moores gets second stint as coach

Moores gets second stint as coach

In a two-year spell from 2007 to 2009, the 51-year-old Moores led England in seven Test series. More »

Tough for bowlers: Saeed Ajmal

Tough for bowlers: Saeed Ajmal

The 36-year-old believes the T20 format and rule changes in 50-over matches have made a real difference. More »

KP ridicules idea of day-night Tests

KP ridicules idea of day-night Tests

Kevin Pietersen has ridiculed the idea of day-night Test cricket, saying the game would be so different to proper Test cricket that we will need a whole… More »

Rajasthan edge low-scoring thriller

Rajasthan edge low-scoring thriller

The bowlers restricted Hyderabad to 133 for 6 before Rahane and Binny took Rajasthan over the line. More »

Maxwell blitz takes Punjab home

Maxwell blitz takes Punjab home

The Kings XI batsman blasted a 43-ball 95 to help his team pull off a massive chase against Chennai Super Kings. More »

BCCI members want independent probe

BCCI members want independent probe

The board members are realising after the Supreme Court's observations that something has to be done — IS Bindra More »

'BCCI lacks leaders to take on Srini'

'BCCI lacks leaders to take on Srini'

Two former BCCI presidents, Shashank Manohar and Jagmohan Dalmiya, have reacted strongly to the news of the BCCI calling an emergent meeting on Sunday… More »

Delhi look for first points against confident Kolkata

Delhi look for first points against confident Kolkata

Preview — The threat of Sunil Narine looms large again. More »

Bangalore vs Mumbai: A battle of the big-hitters

Bangalore vs Mumbai: A battle of the big-hitters

Preview — Given the firepower in both line-ups, Dubai crowd may see another high-scorer More »

Yuvraj tees off to Sharjah's delight

Yuvraj tees off to Sharjah's delight

Yuvraj Singh was hardly convincing to begin with against Delhi, but a big dose of crowd support and a helping of poor bowling meant he had the opportunity… More »

Stressed Trott stands down again

Stressed Trott stands down again

The England and Wales Cricket Board (ECB) on Friday confirmed that batsman Jonathan Trott is to take another break from all cricket with immediate eff… More »

PCB starts another coach hunt

PCB starts another coach hunt

The PCB has decided to not extend the contracts of head coach Moin Khan, fielding coach Shoaib Mohammad and batting consultant Zaheer Abbas, and has invited… More »

Fiery star Stokes bids to curb his temper

Fiery star Stokes bids to curb his temper

England all-rounder Ben Stokes admits he must keep his anger under control if he is to end his international exile. More »