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AirAsia-Tata JV incorporates Indian company
March 31, 2013, 7:20 pm


AirAsia India will compete in the domestic passenger aviation space [AP]

Malaysian low-cost carrier AirAsia has incorporated a company in India with the filing of all requisite documents with the Indian ministry of corporate affairs, ahead of launching services in a joint venture with the Tata’s in India.

The venture, AirAsia (India) Pvt Ltd, was incorporated as an “Indian non-government company” with its registered office in Mumbai.

It will be an “unlisted” company, as per the documents filed with the Indian Registrar of Companies (RoC).

A company can change its share capital, as also other details, at a later stage.

Among various documents submitted by AirAsia (India), the incorporation certificate was filed on March 28.

AirAsia chief Tony Fernandez has tweeted that the company formation has been done for the Indian venture.

“Airasia India pvt has been formed. One more step. Been studying the Indian market hard. Exciting. We can make a difference,” he wrote on the micro-blogging site.

The Indian Foreign Investment Promotion Board has already approved investment in the new venture, wherein Malyasia-based AirAsia would hold a 49 per cent stake – Tata Sons will have 30 per cent.

Being started with an initial investment of $14.5 million, AirAsia India will compete in the domestic passenger aviation space with carriers like Jet Airways, Spicejet, IndiGo, Go Air and state-run Air India.

AirAsia India would also mark the re-entry of Tata’s into the aviation space after about 60 years of JRD Tata-founded Air India being nationalised in 1953.

Source: Agencies