Mumbai\/New Delhi: Malaysia\u2019s AirAsia has agreed to sell a 32.7% stake in its India venture to partner Tata Sons for 153 million ringgit (about Rs 278 crore), which will lower its interest in the budget carrier to 16.3% from 49%.
\nAirAsia also has the option to sell the remainder 16.3% in the local JV to Tata Sons in two years for 76.3 million ringgit (Rs 139 crore). A review of the JV has been on after the Malaysian company, which created the low-cost airline revolution in Asia, was not keen on infusing funds in the India unit due to its financial difficulties triggered by the Covid pandemic, as TOI reported on October 5.
\nThe proposed changes in the shareholding structure of AirAsia India comes more than two years after Tata Sons raised its stake to 51% from 49%, becoming the budget carrier\u2019s majority owner. When the JV was formed in 2013, the Malaysian company was its largest shareholder with an equity holding of 49%.
\nOn Tuesday, AirAsia said, \u201cSince the start of the Covid pandemic, the aviation industry has been one of the hardest hit industries. Airlines around the world have cancelled flights and grounded planes and the India unit is no exception.<\/p>\n","protected":false},"excerpt":{"rendered":"
Mumbai\/New Delhi: Malaysia\u2019s AirAsia has agreed to sell a 32.7% stake in its India venture to partner Tata Sons for 153 million ringgit (about Rs 278 crore), which will lower its interest in the budget carrier to 16.3% from 49%. AirAsia also has the option to sell the remainder 16.3% in the local JV to Tata Sons in two years for 76.3 million ringgit (Rs 139 crore). A review of the JV has been on after the Malaysian company, which created the low-cost airline revolution in Asia, was not keen on infusing funds in the India unit due to its […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220,130,137],"tags":[],"class_list":["post-392337","post","type-post","status-publish","format-standard","hentry","category-civil-aviation-the-times-of-india","category-newspapers","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/392337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=392337"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/392337\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=392337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=392337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=392337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}