Tata Sons ups stake in AirAsia India to 49%
Tata Sons said Ramadorai and Venkataramanan, two of the directors of Telestra, will acquire 0.5% and 1.5% respectively of Telestra’s remaining 2% equity stake
Tata Sons on Monday signed a deal with AirAsia India to increase its share to 49% from its earlier 41.06% by acquiring an additional 7.94% share from Telestra Tradeplace (Telestra). “Air Asia Investment will continue to hold its 49% stake in the company. The agreement was entered into on March 14, 2016 and the transaction is proposed to be completed in April 2016, subject to completion of the relevant corporate approvals and processes,” Tata Sons said in an announcement. The group said Ramadorai and Venkataramanan, two of the directors of Telestra, will acquire 0.5% and 1.5% respectively of Telestra’s remaining 2% equity stake. Air Asia, which started its operations in India in June 2014, is a joint venture of Tata Sons, AirAsia and Telestra, holding 41.06%, 49% and 9.94% shares respectively. Responding to the development, AirAsia Group CEO Tony Fernandes said, “Great to see TATA and board members so confident on the future of AirAsia India. I'm thrilled.” In August last year, Tata Sons had obtained 10% stake from Telestra, thereby leading the former's overall share to little over 41%. The Indian government currently allows 49% foreign direct investments (FDI) in domestic airlines. AirAsia has a fleet of six aircraft and carries over 1.8 million travellers across its 12 designated routes.
March 29, 2016 | 05:50pm IST
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