AirAsia India’s minority shareholder Arun Bhatia has expressed unhappiness over the state of affairs at the budget carrier, saying that decisions are being taken by its Malaysian parent AirAsia.
“If you ask the CEO (of AirAsia India) what is happening, he says sir what can I do? I don’t have any information, everything is controlled by Malaysia, that is the situation today.
“I am quite unhappy with whatever is happening,” Bhatia, who holds 10 per cent stake in AirAsia India, told television channel ET Now.
The local start-up carrier — a three-way joint venture — has been in the red since its started operations last year.
Apart from Bhatia, Malaysia’s AirAsia Berhard and Tata Sons are the two other equity holders with 49 per cent and 41 per cent stakes, respectively.
According to Bhatia, AirAsia India continues to make loss while others are making profits amid a sharp fall in jet fuel prices.
“I understand everything is being managed by Malaysian partner… every bilateral transaction is routed through AirAsia Bhd,” Bhatia said.
“This is not the way things should happen, I think we are being squeezed for no valid reason… I have mentioned this to Board, (but) nobody wants to listen to this,” Bhatia said.
AirAsia India saw its net loss widen to nearly Rs 65 crore in the three months ended September 2015 even as revenues rose during the same period.
“We have lost all the money that we had put in,” Bhatia said.
“If I have a profit, may be (I can offload my entire stake),” he said when asked whether he plans to exit the venture.