Tata Sons To Fully Own AirAsia India AirAsia India was a joint venture between Tata Sons and Air Asia Investment Ltd
By Shrabona Ghosh •
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AirAsia Aviation Group Limited (AAAGL), has sold its remaining stake in AirAsia India to Air India, now owned by the Tatas.
The company expects to receive Rs 1.56 billion from the stake sale and there will be no gain or loss on the disposal, AirAsia said. "All customary consents and regulatory approvals have been secured. AAAGL is expected to receive INR 1,556,487,800 (equivalent to $18.83 million) in gross proceeds. There will be no gain or loss on the disposal," the company said in a statement.
AirAsia Aviation Group has said it is resuming its operations post pandemic and is re-examining its strategic objectives to focus on strong network and significant presence in the region, the statement added.
"Since 2014, when we first commenced operations in India, AirAsia has built a great business in India, which is one of the world's biggest civil aviation markets in the world. We have had a great experience working with India's leading Tata Group," said Bo Lingam, Group Chief Executive Officer of AirAsia Aviation Group.
"Covid has allowed us to re-examine our priorities, and we felt that it was best suited for AirAsia to develop an Asean-only business, where we have four great airlines– in Malaysia, Thailand, Indonesia, and the Philippines– with a much-loved brand and presence," added the CEO.
AirAsia India was a joint venture between Tata Sons and Air Asia Investment Ltd. Earlier, Tata Sons had an 83.67 per cent stake and the latter owned a 16.33 per cent shareholding.
