Tata Sons takes over AirAsia, will hold 83.67% stake in airline

Malaysian budget airline AirAsia Group will sell 32.67% of its stake in its Indian operations to Tata Sons for $37.7 million, say reports quoting sources from the industry. Tata sons will hold 83.67% stake post the deal, while AirAsia's stake will be squeezed to approximately 13%. AirAsia said it has taken the decision in the wake of the financial loss amid the Covid-19 pandemic. Interestingly, the development coincides with the deadline to submit a physical bid for Air India. Some reports say that the Tatas may use AirAsia India as the vehicle for Air India investment.