Singapore Airlines and Tata Sons have signed a Memorandum of Understanding and applied for Foreign Investment Promotion Board (FIPB) approval to establish a new full-service airline in India. It will be based in New Delhi, and the companies said details of the airline’s branding, management team and products and services would be announced in “due course”. Tata Sons will own 51 per cent of the carrier, while Singapore Airlines will own 49 per cent. The initial board will have three members, two nominated by Tata Sons and one nominated by Singapore Airlines. The chairman will be Prasad Menon, who was nominated by Tata Sons.