AirAsia India is a joint venture between Tata Group and Malaysia's AirAsia Investment Ltd.
DH could not independently verify this report.
AirAsia's Malaysian parent, which owns a 49% stake in AirAsia India, had hinted earlier this
month that it may exit India. It had stated that it was reviewing its investment in a joint venture
airline.
The Tata Group's move to boost their stake will allow the company an exit route, whose India unit
has been adding to the group’s financial stress. "Our businesses in Japan and India have been
draining cash, causing the Group much financial stress. Cost containment and reducing cash
burns remain key priorities evident by the recent closure of AirAsia Japan and an ongoing review
of our investment in AirAsia India," President (Airlines) of AirAsia Group, Bo Lingam had said.
30/11/20 Deccan Herald
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