Business
Air Asia (Representative Image) (Arjun Sarup/Wikimedia Commons)
The Competition Commission of India (CCI) has approved the acquisition of entire shareholding in Air Asia India by Air India.
The proposed combination envisages the acquisition of the entire equity share capital of AirAsia (India) Private Limited (Air Asia India) by Air India Ltd. (AIL), an indirect wholly owned subsidiary of Tata Sons Private Limited (TSPL).
With the decision, Malaysia's AirAsia will be leaving the airline business in India after operating in the country for around nine years.
Air Asia India is a joint venture between TSPL and Air Asia Investment Limited (AAIL) with TSPL presently holding 83.67 per cent and AAIL holding 16.33 per cent of the shareholding.
Air Asia India operates under the brand name “AirAsia”, and is engaged in the business of providing domestic scheduled air passenger transport service, air cargo transport services, and charter flight services in India.
AirAsia India does not provide scheduled air passenger transport services on international routes.
For Rs 139 crore, Air India would purchase AirAsia's 16.3 percent stake in the airline partnership, reports Economic Times.
Earlier on 27 January this year, Tata Sons had purchased Air India from the government through its wholly owned subsidiary Talace in a deal of Rs 18,000 crore in equity and debt.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest