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Amarchand, AZB land Singapore Airlines into $100m Tata JV

Amarchand Mangaldas advised Singapore Airlines in its 49 per cent Rs 615 crore ($100m) joint venture (JV) with Tata Sons, which was advised by AZB & Partners.

Amarchand Mumbai managing partner Cyril Shroff and corporate partner Indranath Bishnu acted for Singapore Airlines on this first-ever transaction involving foreign investment in an Indian greenfield venture in relation to a full service airline.

AZB Mumbai partner Shuva Mandal acted for the group company of India’s largest conglomerate, which will be the 51 per cent partner in the venture.

The JV received the Foreign Investment Promotion Board’s (FIPB) approval on Thursday for the carrier that is planned to launch by June 2014, reported the Economic Times.

After the September 2012 decision by the Indian government to permit foreign carriers to buy stakes of up to 49 per cent in local airlines, Jet Airways (India) sold a 24 per cent stake to Abu Dhabi's Etihad Airways and SpiceJet also said it is considering selling a stake to foreign carriers, reported the WSJ.

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