Falling Markets
BSE Sensex falls nearly 350 points
The BSE Sensex falls 1.7 percent and the broader Nifty is down 1.9 percent, heading towards their fourth consecutive session of declines. Full Article | Track Sensex
REUTERS SHOWCASE
Buy, Sell or Hold?
Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Reuters India Mobile
Get the latest news on the go. Visit Reuters India on your mobile device. Full Coverage
AirAsia to invest up to $60 million into JV with Tata Sons
Track Markets: BSE Sectoral Indices
Track and analyse performance of all BSE sectoral indices and other global indices on a single page. Full Coverage
Air Asia CEO Tony Fernandes answers a question during a news conference in central Sydney January 6, 2010.
Credit: Reuters/Daniel Munoz/Files
KUALA LUMPUR |
KUALA LUMPUR (Reuters) - Malaysia's AirAsia Bhd(AIRA.KL), 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.
(Reporting By Al-Zaquan Amer Hamzah and Yantoultra Ngui; Editing by Niluksi Koswanage)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Follow Reuters