MUMBAI: R Venkataramanan, managing trustee of Tata Trusts, and S Ramadorai, former CEO of TCS, have exited budget carrier AirAsia India by selling their shares to Tata Sons. The duo has also stepped down from the board, ending their two-year association with the controversy-stricken airline.
After the share-purchase, Tata Sons, the holding company of the $111-billion Tata Group, has become the largest shareholder of AirAsia India with a 51% equity interest. The remaining 49% is held by Malaysia’s AirAsia.
Venkataramanan, who recently announced his departure from Tata Trusts, and Ramadorai held 1.5% and 0.5% stakes respectively in AirAsia India. Venkataramanan will be at Tata Trusts till March 31.
