Myanmar’s Directorate of Investment and Company Administration has approved an investment of US$70.8 million by in Asian Blue Aviation Co Ltd, a joint venture between Japan’s ANA Holdings and  Golden Sky World.

The approval enables the company to operate for 50 years in the Myanmar air transport sector with the carrier focusing exclusively on international routes. ANA Holdings will hold a 49 per cent stake in the joint venture while the Shwe Than Lwin-owned media and banking entity will own the remainder.

The deal is ANA’s second attempt at entering the Myanmar aviation market following a failed bid in 2014 to acquire local carrier Asian Wings International, owned by Air Bagan and Sun Far Travels.  All Nippon Airways – one of three carriers ANA Holdings owns – signed a partnership agreement in August 2013 with with Asian Wings under which it would pay US$25 million for a 49 per cent stake in the domestic carrier.

It was touted as the first deal between an international airline and a domestic carrier, but the two sides announced the deal had been cancelled in July 2014. ANA was said to be put off by the small size of the domestic market and strong competition from more than half a dozen other domestic carriers.