AirAsia application for approval of a proposed Indian airline joint venture

20-Feb-2013 AirAsia Berhad ("AirAsia") through its investment arm, AirAsia Investment Ltd. ("AAIL") has submitted an application to the Indian Foreign Investment Promotion Board ("FIPB") to seek approval for AAIL to invest 49% into a proposed Indian joint venture together with Tata Sons Limited and Mr. Arun Bhatia of Telestra Tradeplace Pvt. Ltd.. 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.