Malaysian airline company AirAsia has called India Tata The company has sold its remaining stake in AirAsia India to Air India
Tata Sons currently holds 83.67 per cent stake in AirAsia India and AirAsia Investments holds 16.33 per cent. The Competition Commission of India (CCI) had in June this year approved Air India to buy out its entire stake in AirAsia India. Meanwhile, Air India has started the process of merging AirAsia India and Air India Express to form a low-cost airline. The company says that the process may take a year to complete. A working group has been formed for this which includes AirAsia India CEO Sunil Bhaskaran and Air India Express CEO Alok Singh.
difficult journey
AirAsia India operated its first flight on 12 June 2014. But it was continuously making losses. In the financial year 2022, the company’s loss had increased by 42 per cent to Rs 2,178 crore. The journey in India has not been easy for the company. In 2018, it filed a criminal complaint against its former CEO Mittu Chandalia. He was accused of financial irregularities. He was the CEO of the company from inception till April 2016.
IndiGo Flight Fire: The engine of IndiGo flight caught fire while taking off, the plane was going from Delhi to Bangalore
In 2018, the CBI had registered a case against AirAsia Group CEO Tony Fernandes and other officials. He was accused of influencing government policies. They corruptly wanted to get licenses for international flights. As a result, AirAsia India has not been able to start international flights till date, which has 28 aircraft in its fleet. The company has never been able to make a profit due to tough challenges from companies like IndiGo and SpiceJet.
