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Tata Group bags controlling stake in AirAsia India
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.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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