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AirAsia receives formal approval from India’s Foreign Investment Promotion Board

5-Apr-2013 4:00 PM

AirAsia Berhad stated (05-Apr-2013) the application made by AirAsia Berhad through its investment arm, AirAsia Investment Ltd to the Foreign Investment Promotion Board of India seeking approval for a 49% investment into an Indian joint venture company named AirAsia (India) Pvt Ltd partnering Tata Sons Limited and Arun Bathia of Telestra Tradeplace Pvt Ltd has been granted a formal approval on 04-Apr-2013. This approval will enable AirAsia (India) Pvt. Ltd. to apply with the Indian Directorate General of Civil Aviation for the aviation licence to operate as an Indian airline. The company said: "AirAsia is confident that it can replicate its unprecedented success across Malaysia, Thailand, Indonesia and other joint ventures. In particular, AirAsia believes its success in affording people to fly through superior operational performance by emphasising a focused and disciplined cost structure will tremendously benefit the Indian consumer". Currently, AirAsia through its operations based in Thailand and Malaysia already connect Chennai, Bangalore, Thiruchirapalli, Kochi and Kolkata to Asean and beyond through its Group’s operations. [more - original PR] [more - original PR - II]