Tata Group has elevated its stake in AirAsia India because the conglomerate seems to extend its share of the home aviation sector.
On Tuesday, the corporate introduced it might improve its holdings within the Indian-based three way partnership with AirAsia from 51 per cent to 84 per cent.
AirAsia, owned by Malaysian tycoon Tony Fernandes, has been scaling again its operations through the Covid-19 pandemic.
Final week, Tata additionally put in a bid for management of the struggling nationwide provider Air India.
The federal government has been searching for a purchaser for a part of the loss-making flag-carrier for various years.
Tata Group is paying AirAsia round £30 million for the elevated stake within the AirAsia India three way partnership which started in 2014.
The deal places the Indian conglomerate firmly in control of the funds provider.
AirAsia has been seeking to scale back its cash-burn and its Japan unit filed for chapter final month.
The Tata Group – extensively often called the Tatas in India – which additionally owns Jaguar Land Rover, initially based the Air India airline in 1932 however offered its stake to the federal government within the 1950s.
Tata additionally operates the Vistara airline in partnership with Singapore Airways.
