MUMBAI: Asia’s largest low-cost carrier AirAsia yesterday announced plans to invest in an airline joint venture with India’s giant Tata conglomerate and another investor. “AirAsia through its investment arm has applied to the Foreign Investment Promotion Board (FIPB) seeking approval to invest 49 percent into a proposed joint venture with Tata Sons and Telestra Tradeplace,” the statement said.
“Indian aviation has enormous long-term growth potential and is expected to produce tremendous upside for first movers.”
The three parties have signed an agreement and will apply to the civil aviation regulator for a flying permit, it added.
Tata Sons was not immediately available for comment.
The joint venture plans to operate from the southern Indian city of Chennai and boost connectivity between smaller towns for Indian travellers.AFP
