AirAsia Bhd., Southeast Asia’s biggest budget airline, said it plans to start an airline in India with the Tata Group after the country eased rules last year to permit overseas carriers to invest.
AirAsia made an application to India’s Foreign Investment Promotion Board to invest 49 percent in a joint venture with Tata Sons Ltd. and Arun Bhatia of Telestra Tradeplace Pvt., the budget airline said in a statement to the stock exchange in Kuala Lumpur.
Prime Minister Manmohan Singh’s government in September eased foreign investment rules to allow overseas airlines to directly invest in local carriers. After the move, Jet Airways (India) Ltd. began discussions with Middle East carrier Etihad Airways for an investment.
20/02/13 Barry Porter/Bloomberg
