Tata Group, AirAsia Bhd deal: Tony Fernandes to invest $50 mn, puts 'flying license' onus on Indian govt

Feb 21 2013, 18:27 IST
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Air Asia CEO Tony Fernandes answers a question during a news conference in central Sydney January 6, 2010. (Reuters) Air Asia CEO Tony Fernandes answers a question during a news conference in central Sydney January 6, 2010. (Reuters)
SummaryTentalising links to ArcelorMittal's Lakshmi Mittal start emerging via Arun Bhatia's son Amit.

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.

Tata sons, AirAsia joint venture: Tony Fernandes to invest $30-$60 mn

(Reuters) Malaysia's AirAsia Bhd, Asia's biggest budget carrier, will invest between $30 to $60 million into its new airline venture in India, said chief executive Tony Fernandes on a conference call with the media on Wednesday.

The company has sought approval to establish a new airline with unlisted firms Tata Sons Ltd and Telestra Tradeplace Pvt Ltd.

AirAsia, through its investment arm, AirAsia Investment Ltd, intends to own 49 percent of the venture with the remaining stake held by the two Indian firms. The venture plans to operate from Chennai in southern India and provide domestic flight options.

India's aviation industry, which has seen continued losses due to high operating costs and regulatory uncertainty, was opened to foreign investors in September last year.

AirAsia presently flies to four south Indian cities and the eastern city of Kolkata in addition to 20 countries across Asia.

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