AirAsia said Indian aviation has huge long-term growth potential and is expected to produce tremendous upside for first movers
AirAsia Bhd, through its investment arm, AirAsia Investment (AAIL), has applied to India’s Foreign Investment Promotion Board (FIPB) for a proposed joint venture with Tata Sons to set up a new airline.
In a press release today, Air Asia said AAIL is seeking approval to invest 49% in a new airline to be known as AirAsia India.
“This move comes amidst the backdrop of the September 2012 decision by the Government of India to open up the aviation sector to foreign direct investment from foreign carriers,” said AirAsia.
AirAsia said Indian aviation has huge long-term growth potential and is expected to produce tremendous upside for first movers.
“We have carefully evaluated developments in India over the last few years and strongly believe that the current environment is perfect to introduce AirAsia’s low fares which stimulate travel and grow the market,” said AirAsia’s group CEO Tan Sri Tony Fernandes.
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