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    HomeNewsBusinessCompaniesDelighted with SIA JV, won't sell AirAsia stake: Tata Sons

    Delighted with SIA JV, won't sell AirAsia stake: Tata Sons

    Last week, the Tatas and Singapore Airline inked a memorandum of understanding (MoU) to launch a new full service airline with initial capital of USD 100 million.

    September 24, 2013 / 10:28 IST
       
       
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      Tata Sons rebutted claims that AirAsia had raised any objection to the Tata-SIA JV joint venture. Mukund Rajan, member of Tata Sons GEC and Board Member Tata-SIA JV said they had informed AirAsia about Tata-SIA JV and were were delighted to partner with Singapore Airlines. He told CNBC-TV18 that the question of selling AirAsia India JV stake does not arise.


      The announcement had came as a surprise as the Tata Group had earlier this year signed an agreement with Malaysian budget carrier AirAsia to launch an Indian low-cost carrier. AirAsia India's investor Arun Bhatia, who holds 21% in AirAsia India JV, had reportedly raised concerns over Tata-SIA JV claiming that the salt-to-software Tata group had neither informed him nor AirAsia top boss Tony Fernandes about the JV.


      Last week the Tatas and Singapore Airline inked a memorandum of understanding (MoU) to launch a new full service airline with initial capital of USD 100 million. The Tatas will hold 51 percent and Singapore Airlines will get 49 percent in the JV. It will be based in New Delhi and operate under the full-service model.

      first published: Sep 23, 2013 02:38 pm

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