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    Malaysia's AirAsia Group to sell 32.67% stake in AirAsia India to Tata Sons for $37.7 million

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    Malaysia's AirAsia Group to sell 32.67% stake in AirAsia India to Tata Sons for $37.7 million

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    Malaysia's AirAsia Group Berhad on Tuesday said it is planning to sell 32.67 percent of its stake in low-cost carrier AirAsia India to Tata Sons for $37.7 million, it said in an exchange filing.

    Malaysia's AirAsia Group Berhad on Tuesday said it is planning to sell 32.67 percent of its stake in low-cost carrier AirAsia India to Tata Sons for $37.7 million, it said in an exchange filing.
    AirAsia India — a joint venture between AirAsia Investment Ltd and Tata Sons that started operations more than six years ago — has been facing headwinds for quite sometime.
    AirAsia directors opine the transaction is in the best interests of the group, it said. The transaction is likely to be concluded by March 2021. The decision comes as the airline aims to reduce cash burn to focus on its recovery amid the impact of the pandemic on air travel.
    AirAsia India started operations in June 2013 and flies to 21 destinations. While Tatas have 51 percent stake, the remaining shares in the airline are with AirAsia Investment Ltd, the investment arm of AirAsia Group.
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