Tata Sons, AirAsia, Telestra seek to ink Indian airline JV - Cyrus Mistry hand seen

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AirAsia applies for Indian airline joint venture with Tata Sons, Cyrus Mistry hand seen. (Reuters) AirAsia applies for Indian airline joint venture with Tata Sons, Cyrus Mistry hand seen. (Reuters)
SummaryRatan Tata's successor Cyrus Mistry is looking to quickly stamp his authority on the group.

Direct Investment from foreign carriers.

Air Asia has made the move to invest even as Etihad and Jet Airways continue to work towards finalising a deal for the Gulf carrier to invest in Jet.

For the USD 100 billion Tata Group, this would be its second foray into the aviation segment after the late JRD Tata launched Air India before the Independence.

Ratan Tata, Chairman Emeritus of the Tata Group, once pioneers in civil aviation, had indicated in an interview to PTI days before he retired as chairman last year that the conglomerate was unlikely to enter into the sector because of "destructive competition".

The Bombay House could not be contacted immediately for a reaction on the AirAsia announcement.

The Tata Group holds nearly 6 per cent equity in SpiceJet, but has maintained that it was only a financial investor in the budget carrier.

Telestra Tradeplace is an investment holding company of Arun Bhatia and one of its group companies is Hindustan Aerosystems Pvt Ltd which manufactures and supplies precision components for the aerospace industry.

Bhatia's son Amit serves on the Board of Directors at Queens Park Rangers Football Club in the UK alongside Tony Fernandes, the founder of AirAsia.

Amit is married to Vanisha Mittal, the only daughter of steel tycoon Lakshmi Mittal, according to the Wikipedia.

Within 11 years of its existence, AirAsia has become the largest no-frill carrier in Asia with 118 aircraft, and over 350 on order.

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