Tata to buy 32.67% more stake in Air Asia India; Tony Fernandes sells off amid pandemic woes

In a major aviation deal, Tata Sons will buy 32.67 per cent more stake in Air Asia India, bringing its total share to 83.67 per cent in the airline. At present, Tata Sons holds 51 per cent stake in Air Asia India, with 49 per cent shares held by the Air Asia Group. The latter has planned to sell its stake to focus on its recovery in the Southeast Asian markets amid the impact of the COVID-19 pandemic on travel. “This transaction is in line with our initiatives towards reducing cash utilisation for the Group and will allow us to use cash to grow market share in our core markets in Asean, particularly in Malaysia, Thailand, Indonesia, and the Philippines as well as for our future expansion into Cambodia, Myanmar and Vietnam,” said President of AirAsia Group, Bo Lingam