Wednesday, March 08, 2017

India- The business trajectory of AirAsia

Former AirAsia India chief Mittu Chandilya has been summoned by the Enforcement Directorate in a Foreign Exchange Management Act probe based on former Tata Group chairman Cyrus Mistry's allegations.

Chandilya will have to record his statement in Mumbai by mid March. He has been asked to furnish related documents.

AisAsia has refused to comment, but has assured cooperation with ED.

Timeline 21 Feb 2013 AirAsia ties up with Tata Sons in India
Kuala Lumpur-based AirAsia launched a joint venture with Tata Sons and Telestra Tradeplace for a new airline in India.

AirAsia Berhad (AirAsia's parent company) would have 49% stake, Tatas would have 30% and Telestra's Amit Bhatia (son-in-law of Lakshmi Mittal) would hold 21% in the company.

Ratan Tata would be the company's chief advisor.

Fact Tata makes its comeback in the aviation industry
The joint venture with the world's best low cost airline also marked Tata Sons' return to aviation industry after 60 years.
07/03/17 MENAFN