As more and more capacity is added, the company's profitability is hit, says Fernandes. He does not feel the company will turn profitable in 2017. However, he feels the company should start making profits by mid-2018.
While several interested parties have approached the Malaysia-based airline, Fernandes said it's still early days in the hunt for the right partner.
The Malaysia-based carrier, headed by tycoon Tony Fernandes, has hired three investment banks to run the sale of the Asia Aviation Capital stake, the people said. They declined to be identified as the discussions were confidential.r told Reuters.
AirAsia group chief Tony Fernandes has said it was hard to do business in India due to protectionist policies and "vested interests", but his joint venture carrier AirAsia India was here for a long haul.
AirAsia chief Tony Fernandes has expressed willingness to buy stake from Tatas in AirAsia India provided it is on sale even as he emphasised that the airline joint venture is working well.
The Malaysia-based group is simultaneously looking for more aircraft to meet strong demand in North Asia and elsewhere, the people said on the eve of Britain's Farnborough Airshow.
AirAsia would like to increase its stake in its Indian unit, AirAsia India, given a chance, says the Malaysian carrier's founder and CEO Tony Fernandes.
India is the only country which has a rule like this, said Air Asia CEO Tony Fernandes, referring to the aviation ministry changing the 5/20 rule yesterday.
AirAsia today asserted that effective control of its joint venture AirAsia India is with Indian parties and said "vested interests" were trying to prevent the local no-frills airline from offering competitive service and fares.
Kuala Lumpur, Feb 26 (AFP) Malaysia-based AirAsia, the region's biggest budget carrier by fleet size, today reported a fourth-quarter net profit of 554 million ringgit (USD 132 million) due to the performance of its Malaysian unit and lower fuel costs.
Rata Tata, the man behind the Tata Group‘s decision to get back into the airline industry is likely to pick up two percent sake in AirAsia India Joint Venture in his personal capacity, reports CNBC-TV18‘s Shereen Bhan quoting sources.
AirAsia co-founder Tony Fernandes is talking to banks to secure financing for the transaction, which could be launched over the next few months, said the people, who did not want to be identified as the discussions were confidential.
The no-frills carrier, which has put on hold its fleet expansion plan amid stiff competition, is also likely to name a new Chief Financial Officer (CFO). The incumbent CFO Vijay Gopalan has put in papers sometime back and the airlines is in the process of finding a suitable replacement for him.
Budget carrier AirAsia Bhd is planning a convertible bond issue of as much as USD 150 million at each of its Philippines and Indonesian associates, and may sell and lease back up to 20 aircraft of the group's fleet this year, group chief executive Tony Fernandes said in a letter to investors.
To a query on the controversy over Centre's plan to develop some airports in the partnership with private firms, Raju said he is neither against privatisation nor public sector. "Personally, I am not against privatisation. Similarly, I am also not against public sector.
In an interview to CNBC-TV18‘s Shereen Bhan, the board of AirAsia, including founder & group CEO Tony Fernandes, AirAsia India CEO Mittu Chandilya and Non-Executive Chairman S Ramodarai discuss on the new rules and ease of doing business in India.
The livery of AirAsia India's fourth aircraft dons an image of JRD Tata with a Puss Moth, the aircraft he flew on October 15, 1932, leading to the birth of Tata Airlines and starting civil aviation in the sub-continent.
CEO of the AirAsia group has called for a single aviation authority to approve licences to operate in 10 Southeast Asian nations, an issue that assumed significance after the deadly crash of the group's Flight QZ8501
CNBC-TV18's Menaka Doshi caught up with Tony Fernandes, CEO of AirAsia Group at the World Economic Forum Davos 2015 and asked him about the airline's experience in India so far.
Speaking in Indonesia's second-biggest city of Surabaya after meeting with distraught relatives of some of the 162 passengers, Fernandes said he "apologised profusely" for the accident.
Fernandes also expressed confidence that AirAsia's low cost model will work in India despite various challenges.
"2014 is about cutting cost. We think we will cut costs by seven percent," Air Asia Bhd Group CEO Tony Fernandes wrote on micro-blogging site 'Twitter'. "Ancillary income will rise and margins will rise," he said.
AirAsia's launch, which was supposed to take place in January has been delayed by a month as the Malaysian airline has been awaiting operator's permit from aviation regulator, DGCA.
"I have and continue to have no issue on SIA (Singapore Airlines) and Tata. No difference to Ginger and Taj Hotels. These are two very separate business", Fernandes said in social networking portal --Twitter.
Though NOC was issued by the Ministry last week, this was the first formal statement by the AirAsia CEO on microblogging site Twitter.