AirAsia may exit India JV
Published on: Wednesday, June 24, 2020
By: The Edge
Credit: Bernama
Kuala Lumpur: AirAsia Group Bhd Group Chief Executive Officer (CEO) Tan Sri Tony Fernandes hinted that the budget airline may exit its India joint venture (JV) because India is deemed a peripheral market for the group.“We would never say that we would never exit India,” Fernandes was quoted as saying in a Credit Suisse report.
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AirAsia Group’s India JV is undertaken via Airasia (India) Ltd under a partnership with Tata Sons Private Ltd.
According to AirAsia Group’s annual report, the group owns a 49 per cent stake in Airasia India.
News reports today cited the Credit Suisse report on Monday, which quoted Fernandes as saying during a global conference call organised by Credit Suisse that AirAsia had a good partner in Tata and they were looking for an international licence.Stay up-to-date by following Daily Express’s Telegram channel.
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As at the time of writing, AirAsia Group’s share price had fallen one sen or 1.1pc to 89.5 sen on Bursa Malaysia on Tuesday, with a market capitalisation of about RM3 billion. The stock saw some 15 million shares traded.
