AirAsia sells stake in India venture to Tata for $38 million
AirAsia Group Bhd., hit by the coronavirus pandemic that’s decimated passenger demand, is selling its 32.7% stake in AirAsia India Ltd. to its partner Tata Sons Ltd. for about $38 million.
The Malaysian low-cost carrier entered into an agreement with Tata Sons, which already owns 51% of the venture, according to an exchange filing on Tuesday.
AirAsia Group last month said it was reviewing investment in its cash-strapped Indian affiliate, hours after its Japan unit filed for bankruptcy. The group has also stopped funding AirAsia India leaving the future of the company largely dependent on India’s Tata Group.
