Tata Sons $51 Million Investment With Singapore Airlines

New Delhi: Nearly two decades after their first attempt to operate an airline in India fell by the wayside, Tata Sons and Singapore Airlines announced on Thursday that they have signed a Memorandum of Understanding to set up a full-service airline.

A statement by the partners said they have applied for Foreign Investment Promotion Board approval.

This is the third proposal in the aviation sector since the Government allowed foreign carriers to acquire a 49 per cent stake in domestic airlines last September.

Initially, the board of the proposed airline will have three members, two from Tata Sons and one from Singapore Airlines.

Prasad Menon, Director, Tata Industries and former Managing Director, Tata Power, will be Chairman. Mak Swee Wah, Executive Vice-President, Commercial, will be Singapore Airlines’ nominee to the board.

Commenting on the development, Mukund Rajan, Member, Group Executive Council, Tata Sons, said: “Tata Sons will fully participate in the management and operations of the airline.”

‘NO CONFLICT OF INTEREST’

Asked whether the launch of the new airline would not lead to a conflict of interest with Tata Sons’ three-way joint venture with AirAsia and Telstra Tradeplace for a low-cost airline, a Tata Sons spokesman said: “The two airlines do not compete in the same space. AirAsia has been fully aware of this joint venture and has no objection to the partnership.”

Civil Aviation Minister Ajit Singh told newspersons that aviation rules do not bar the Tatas from having two ventures and added that it was a matter for the Securities and Exchange Board of India and the Corporate Affairs Ministry.

The proposed airline could still face some hurdles as the Ministry of Civil Aviation had earlier argued that the change in FDI policy was meant to provide a lifeline to existing airlines and not start new ones.

BJP Member of Parliament Subramanian Swamy has moved a Public Interest Litigation in the Delhi High Court against the venture with AirAsia over the same issue.

A senior Government official, however, felt the entry of Tata Sons with Singapore Airlines and Jet Airways’ tie-up with Etihad would change the domestic aviation market. “Given the cost structures here, you require people not only with deep pockets but also with experience in the airline business,” the official said, declining to be named.

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Unknown

- Unknown Updated at: Friday, September 20, 2013

Kamal Haasan all set to make his Hollywood debut

One of the top Indian actor Kamal Haasan is all set to make his debut in Hollywood. Kamal Hasan will be making his debut in Hollywood with the producer of The Lord of the Rings, Barrie Osborne.

Barrie Osborne saw Kamal Haasan’s movie Vishwaroopam and got really very impressed with his work in the movie. Barrie Osborne said that, "We plan to tell the story of Indian history and tradition in Hollywood style."

Kamal Hasan and Barrie Osborne announced their tie-up at the ongoing International Indian Film Academy (IIFA) weekend in Singapore.

Kamal Hasan said that, “The world has seen his work. You keep doing hard work but you are not sure if it is good work. It is only after people like Barrie approach you and make you realise."

He added, "The lineage that Barrie comes with is close to my heart. All the heroes that I have looked up to have worked with him. He has worked with champions of Hollywood like Coppola (Francis Ford Coppola).”

Barrie Osborne says that Kamal Hasan is like a cinema encyclopedia. He said, “It was a pleasure to meet Kamal (Haasan) over the years. Recently, he came to Hollywood to do some of his work on his new film Vishwaroopam. I was invited to see the film and I was impressed. After that we started talking about the idea to work together. It is such an honour to know him because his knowledge of literature and films is like that of an encyclopedia.” 

He added, “We started to talk about the possibility of working together and explore different avenues. Kamal presented an idea to me that I felt was compelling."

When Kamal Haasan was asked about the kind of projects they are planning to work upon on he said that, “We are still developing the idea. It's an international movie involving the world. We have just decided that we would work together. As an actor I’ll do it, as a writer I’ll do it, and if he needs me to direct it, I’ll do that also.”

Barrie Osborne's works include The Lord of the Rings: The Return of the King, The Waterhorse, The Warrior's Way and The Prophet.

Unknown

- Unknown Updated at: Sunday, June 10, 2012

Rajnikanth wont Do actions Sequences!

Rajnikanth will not do Actions!

The superstar has been known for his action sequences dance moves and style! But the 'Ranaa' shoots will miss the action by the star, the recent reports mention that Rajnikanth wont be doing any action sequences in the movie. During his treatment in Singapore, he is said to have undergone a kidney transplant which is currently preventing him from doing so.

The sources mention that earlier the director of the movie K.S. Ravikumar had already shot the action sequences in the movie with the stunt double for the superstar, but Rajnikanth during his treatment at Singapore insisted that he will like to do the action himself. Unfortunately with the twist of fates, the action sequences will be continued by the double.

We hope the movie wont loose its essence due to this change!

Disclaimer : The images courtesy is to the respective websites and we do not claim the ownership here! The views and comments are copyrighted to IndianViolets Ltd.

Unknown

- Unknown Updated at: Tuesday, July 19, 2011