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AirAsia sells remaining 16.33% stake in India ops to JV partner Air India for Rs.156-Cr

Economic Times  

AirAsia Aviation Group has sold the remaining 16.33% equity shares in no-frills carrier AirAsia (India) to Air India, which is now owned by the Tatas. Tata Sons owns 83.67% of the and the rest is held by AirAsia Investment Ltd, part of Malaysia's AirAsia Group. The company expects to receive INR 1.56 Billion from the stake sale. There will be no gain or loss on the disposal. AirAsia India was a joint venture between Tata Sons and Air Asia Investment Ltd. In June, the Competition Commission of India approved the proposed acquisition of the entire shareholding of AirAsia India by Air India.