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Tata Sons seeking to buy out AirAsia India
Indian conglomerate Tata Sons is reportedly in talks to buy out AirAsia Group’s share of AirAsia India.
Tata has the majority stake in the joint venture and could acquire the remaining 49% stake owned by AirAsia.
The Business Standard reported that Tata is seeking a steep discount due to the current Covid-19 crisis – and AirAsia needs the cash.
AirAsia has in the past said it could exit the India market.
AirAsia Group this week said it was eyeing additional investors in some of its regional affiliate airlines, thought to be Japan and India.
Auditor Ernst & Young flagged AirAsia’s perilous financial position, stating it had doubts it can survive the current crisis, due to its debt pile even before the pandemic.
This week it was revealed that Tata is the only bidder in the running to buy cash-strapped flag carrier Air India, although there is major doubt any deal for it can be done in the current depressed business climate.
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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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