Air Asia ,the largest discount carrier in Southeast Asia by fleet size, said
Wednesday it plans to partner Tata Sons Limited and Arun Bhatia of
Telestra Tradeplace Pvt. Ltd to set up a low-cost airline in India.
The proposed joint venture comes after a
September decision by the Indian government to open the aviation sector
up to direct investment from foreign carriers. The three parties have
signed an initial agreement and AirAsia has applied to the government to
hold 49% of the proposed Indian joint venture.
If the Indian government gives its approval, the proposed joint venture will seek an operational license from the aviation authorities. AirAsia is investing in the joint venture via its investment arm AirAsia Investment Ltd.
The joint venture plans to operate from Chennai in the southern state of Tamil Nadu and proposed to link smaller cities to the metropolis.
"We have carefully evaluated developments in India over the last few years and strongly believe that the current environment is perfect to introduce AirAsia's low fares, which stimulate travel and grow the market," said Tony Fernandes, founder and group chief executive of AirAsia.
The proposed joint venture comes after a
September decision by the Indian government to open the aviation sector
up to direct investment from foreign carriers. The three parties have
signed an initial agreement and AirAsia has applied to the government to
hold 49% of the proposed Indian joint venture.If the Indian government gives its approval, the proposed joint venture will seek an operational license from the aviation authorities. AirAsia is investing in the joint venture via its investment arm AirAsia Investment Ltd.
The joint venture plans to operate from Chennai in the southern state of Tamil Nadu and proposed to link smaller cities to the metropolis.
"We have carefully evaluated developments in India over the last few years and strongly believe that the current environment is perfect to introduce AirAsia's low fares, which stimulate travel and grow the market," said Tony Fernandes, founder and group chief executive of AirAsia.
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