AirAsia completes deal to reduce stake in India JV

AirAsia Group president (airlines) Bo Lingam (file pic) said: “This transaction is in line with our initiatives towards reducing cash utilisation for the group and will allow us to use cash to grow market share in our core markets in Asean, particularly in Malaysia, Thailand, Indonesia and the Philippines as well as for our future expansion into Cambodia, Myanmar and Vietnam.”

PETALING JAYA: AirAsia Group Bhd has completed the disposal of 32.67% of its stake in AirAsia (India) Ltd (AAI) to Tata Sons Private Ltd (TSL) for US$37.66mil cash.

The transaction, which was completed on Dec 31,2020, reduced AirAsia Group’s interest in AAI to 16.33%, which it held through its wholly owned subsidiary AirAsia Investment Ltd (AAIL).