Malaysia’s flagship budget carrier AirAsia Group Berhad has given its strongest indication to date that it could exit India, saying on Tuesday it was reviewing its investment in a joint venture airline there.
The group said in a statement that its operations in India, like those of its now-shuttered Japan business, have been draining cash and adding to the group’s financial stress.
“Cost containment and reducing cash burn remain key priorities evident by the recent closure of AirAsia Japan and an ongoing review of our investment in AirAsia India,” it said.
AirAsia shut its operations in Japan, the smallest of its foreign offshoots, last month.
The airline owns 49% of AirAsia India, a joint venture with Tata Sons.
