Nok Air and Scoot are to set up a new budget carrier to serve Asia. The airline, which is to be called NokScoot, will operate medium and long-haul routes from Bangkok. Nok Air, which is also based in Thailand, will hold 51 per cent of the venture and both Nok and Scoot will each invest S$80m ($64m). NokScoot will compete against another start-up carrier, Tigerair Taiwan, which was announced a week ago. Tigerair Taiwan is a joint venture between China Airlines and Tiger Airways.