Malaysian airline AirAsia has signed an agreement to sell its remaining stake in AirAsia India to Air India. The company gave this information in a statement on Wednesday. Air Asia Aviation Group Limited said in a statement that it has signed a share purchase agreement to sell its remaining shares in Air Asia India to Air India. However, it did not share any specific information about this.
The Competition Commission of India (CCI) in June this year approved the proposed acquisition of AirAsia India’s entire stake by Air India, paving the way for the Tata group to have 100% stake in AirAsia India. CCI in June approved Air India’s proposal to buy the entire equity share capital of Air Asia India.
Air Asia India was a joint venture between Tata Sons and Air Asia Investment Limited. In this, Tata Sons holds 83.67 per cent stake and Air Asia Investment holds 16.33 per cent. Now after the signing of the share purchase agreement, Tata Sons will have the entire 100 percent stake in this airline.
In the same year in January 2022, Tales Private Limited, a wholly owned subsidiary of Tata Group, acquired Air India and Air India Express from the Government of India. This acquisition was done by Tata Group for Rs 18,000 crore. After this Tata Sons had four airlines including Air India, Air India Express, Air Asia India and Vistara.
What the CEO of Air Asia Aviation Group said
AirAsia Aviation Group’s (Group) Chief Executive Officer (CEO) Bo Lingham said, “When we started operations in India for the first time since 2014, AirAsia built a huge business here, which is one of the largest civil aviation markets in the world. Air Asia India, owned by the Tata Group and Malaysian entity, commenced operations in June 2014.
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