AirAsia Sells Remaining Stake In India Operations To Tata Group’s Air India
November 4, 2022: AirAsia returns to the skies stronger than ever after the Covid-19 pandemic, which allowed the airline to re-examine its strategic objectives to focus on ASEAN given its strong network and significant presence in the region, the company said.
AirAsia Aviation Group Ltd, the holding company of capital A’s airline group, announced on Wednesday that it has sold the remaining stake in budget carrier AirAsia India to Tata Group-owned Air India.
Malaysia’s AirAsia said it has entered into a share purchase agreement to sell its remaining equity shares in AirAsia (India).
Tata Sons owns 83.67 per cent stake in the no-frills carrier and the remaining 16.33 per cent is held by AirAsia Investments Limited, part of Malaysia’s AirAsia Group.
From the sale of shares to the company Rs. 1.56 billion is expected to be received. Air India may merge the low-cost carrier with Air India Express.
AirAsia India, owned by the Tata group and a Malaysian entity, started flying in June 2014. AirAsia returns to the skies stronger than ever after the Covid-19 pandemic, which allowed the airline to re-examine its strategic objectives to focus on ASEAN given its strong network and significant presence in the region, the company said. a sentence.
Since January, AirAsia has flown nearly 2 lakh flights, carrying more than 23 million passengers across the group.
In June, the Competition Commission of India approved Air India’s proposal to buy the entire equity share capital of Air AsiaIndia, in which the Tata Group has a majority stake of 83.67 percent, to merge into a single airline.
“Since 2014, when we first started operations in India, AirAsia has built a great business in India, one of the largest civil aviation markets in the world.
We have had a great experience working with India’s leading Tata Group,” said was Bo Lingam, Group Chief Executive Officer, AirAsia Aviation Group.
“This is not the end of our relationship, but the beginning of a new relationship as we seek new and exciting opportunities to collaborate and enhance our synergies moving forward,” added Mr Lingam.
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