New Delhi, July 07, 2005
Rita Meht
NRI press
NRI, Nira Radia, a British Citizen holds 60
percent of Magic Air's equity and proposes to
place the rest with foreign fundss. Government
had raised FDI cap in aviation from 40 percent
to 49 percent and allowed 100 percent investment
by NRIs in Indian carriers.
The ministry has accepted their case and granted
them the approval. MagicAir cleared its first
major hurdle with ministry of civil aviation
at third week of June.
Nira Radia is a PIO and the government has
decided to treat persons of Indian origin (PIOs)
at par with non-resident Indians (NRIs)with
regard to investments in domestic aviation.
The official release the proposition is for
a no-frills domestic airline that will commence
operations by the winter of 2005 and promises
to provide domestic travelers with value offering
of world-class standards.
NRI, Nira Radia is a seasoned professional
in the aviation industry. The management team
at ‘magicair’ comprises of some of
the most experienced and recognized names in
the airline industry. Capt. Roland Thomas: is
VP of Flight Operations; Murugesu Samynathan
is VP, Commercial; Subramaniam Munusamy VP,
Finance; Rajiv Mohan, Director, Corporate Affairs;
Sani Bin Abdullah, VP, Engineering & Project
Coordinator; Suppiah Subramaniam, Financial
Advisor.
