New Delhi: Tata Sons has now increased its stake in AirAsia India to 83.67 percent. The company has also bought a 32.67 percent stake in AirAsia Berhad. Let us know that AirAsia India was started in the joint venture of two companies – AirAsia Barhad and Tata Sons. AirAsia Barhad had a 49 percent stake and Tata Sons 51 percent stake in it. But now after the new deal, AirAsia Barhad will own only 16.33 percent stake in this company.
The move from the company came at a time when AirAsia Barhad recently closed its Japanese operation. During a filing on the Malaysian Stock Exchange, AirAsia Barhad said that Tata Sons had bought the stake for $ 37.7 million.
The company said in the filing, ‘The aviation industry has been the biggest casualty since the start of the Kovid-19 pandemic. Airlines around the world have been forced to cancel their flights and stand on the ground. AirAsia India is also no exception. Since India is a non-core market for Asia, the company is constantly assessing its business strategy and will continue to dispose of its non-core investments to increase liquidity.
The company said that after this deal, it will help to meet the cash shortage and AirAsia will be able to focus on ASEAN countries. The money received from Tata Sons in lieu of the stake will be used as working capital in the first quarter of 2021.
Deadline of bidding today in AI
The news of this purchase of stake in AirAsia from Tata Sons has come on the same day as the deadline for submitting bids in physical form for Air India. This deadline is ending today i.e. on 29 December 2020. Air India sales also include Air India Express, which is also considered a rival of AirAsia.
