AirAsia says it has applied to Indian authorities to take a 49 percent stake in a joint venture, with the remaining 51 percent held by Tata Sons Ltd. and tycoon Arun Bhatia. The move follows government steps to ease foreign investment rules to help revive a slowing economy.
AirAsia says India's aviation business has enormous long-term growth potential. It said in a statement Wednesday that the joint venture, to be based in Chennai, will service domestic cities.
AirAsia, which is Southeast Asia's top no-frills carrier, has similar ventures in Thailand, Indonesia, the Philippines and Japan. |