Wednesday, July 03, 2013

Air Asia to initially invest $30 million for Indian joint ventures

New Delhi: Malaysian low-cost carrier Air Asia initially plans to invest $30 million in its Indian joint venture with the Tata Group, its chief executive officer, Tony Fernandes, said on Wednesday.
“The potential of India was always there in my eyes. I was waiting for the market to become conducive for us so that we can stay here for a fairly long time and I think the tide is now turning very quickly. So we felt that this is the right time to come to India,” he said while addressing a press meet.
Apart from this, the company is also eyeing the Indian insurance market through its Tune Money venture.
Fernandes, however, added that airports need to be much more proactive as they are a very large part of the cost pie.
He is hopeful that the operations can start from October.
03/07/13 IANS/Daily News & Analysis