Tata Group has raised its stake in AirAsia India, giving it an outright controlling stake in the business.
Tata along with JV partner AirAsia Group have invested a further INR5 billion (about $70 million) which will go toward funding its international expansion.
Tata Group now for the first time has a controlling stake in two Indian airlines – AirAsia India and full service carrier Vistara.
Vistara is a joint venture with Singapore Airlines, which holds a 49% shareholding.
Tata also took over the management control of Air Asia recently appointing Tata Group executives to key leadership positions.
The management reshuffle came after India’s Central Bureau of Investigation opened a probe into allegations Air Asia Group attempted to bribe government officials to circumvent minimum requirements for launching overseas routes.
