The Nunatsiavut Group of Companies is now the majority owner of Air Labrador.
The announcement was made on Friday morning during the Northern Lights Business and Cultural Showcase in Ottawa.
James Thorbourne is the General Manager of NGC.
He says they have reached an agreement with Air Labrador to acquire a 51 percent share of the airline.
Thorbourne says they aren’t expecting any immediate changes in the services Air Labrador offers.
The partnership means that Nunatsiavut beneficiaries are now owners of the airline through the Labrador Inuit Capital Strategy Trust.
Thorbourne says they also took the opportunity to officially announce their new name: the Nunatsiavut Group of Companies.
He says they will no longer be known as the Labrador Inuit Development Corporation.
Click here to hear Thorbourne discuss Friday morning’s big announcements.