Dec 30, 2020
Tata grabs bigger slice of AirAsia and India's airline industry
Tata Group has increased its stake in AirAsia India as it looks to increase its stake in India's airline industry. On Tuesday the company announced it would increase its holdings in the Indian-based joint venture with AirAsia from 51% to 84%. AirAsia, owned by Malaysian tycoon Tony Fernandes, has been scaling back its operations during the Covid pandemic. Last week Tata also put in a bid for the country's struggling national carrier Air India. Tata Group is paying AirAsia around $38m for the increased stake in the AirAsia India joint venture which began in 2014. AirAsia India has struggled to make money in a market considered to be one of the world's toughest due to high fuel taxes and fierce competition.
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