The airline will be called NokScoot if approved by regulators and will operate on medium and long-haul routes.
Nok Air, which is Thailand's second-largest budget carrier, will own up to 51 percent of the venture, while Scoot will own 49 percent.
Both airlines will make an initial joint investment of $64 million.
"Thailand is Asia's premier tourist destination and logical hub for Scoot to expand to," said Scoot Chief Executive Officer Campbell Wilson.
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