MUMBAI : Tata Sons Ltd is increasing its stake in AirAsia India Ltd - its joint venture airline with Malaysia’s AirAsia Bhd - from 51% to as much as 84%, said one person aware of the development. Also Read | How Indians lived online during 2020The move to consolidate its control in AirAsia India comes at a time when the group has shown preliminary interest in acquiring state owned Air India in the ongoing divestment process. Earlier in November, Mint reported that the Tata Group will provide as much as $50 million emergency funding to keep the airline afloat. In November, AirAsia Group, which owns a 49% stake in AirAsia India, had said it is evaluating its money-losing airline joint venture in India with Tata Sons Ltd in the wake of the losses caused due to the coronavirus pandemic. AirAsia India, which began operations in 2014, has never reported an annual net profit despite being conservative with its growth plans.

Source: Mint December 29, 2020 12:00 UTC