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AirAsia to sell 32.67% stake in its Indian operations to Tata Sons
[KUALA LUMPUR] Malaysian budget airline AirAsia Group said in a bourse filing on Tuesday it plans to sell 32.67 per cent of its stake in its Indian operations to Tata Sons for US$37.7 million, the carrier said in a bourse filing on Tuesday.
The airline, which previously owned 49 per cent of AirAsia India as part of a joint venture with Tata Sons, said the sale would allow the company to focus on its recovery in its key Southeast Asian markets amid the impact of the Covid-19 pandemic on travel.
"The Directors having considered the rationale for the Transaction and after careful consideration, are of the opinion unanimously that the transaction is in the best interest of AirAsia and its shareholders," it said.
The announcement comes two months after AirAsia shut its operations in Japan, citing highly challenging conditions amid the pandemic.