Gearing up Indian domestic aviation sector, Malaysia-based low-cost airline AirAsia all set to fly into the Indian sky with its new airline in partnership with the Tata Group.
Tata group the premier business empire would make re-entry into the aviation after a long 60 years distance period.
Tata-AirAsia JV is the first one that would secure the entry of first foreign company to boost India’s aviation demand.
AirAsia has succeeded to register its name in Maharashtra and now to be known as AirAsia (India) Private Ltd as getting the Ministry of Corporate Affairs approval, source said, just all legal formalities in India are made on a fast-track to make immediate landing of its new airline.
According to reports, AirAsia India has made an initial investment of Rs 80 crore to hold up to 49 percent stake, taking competition against other domestic airlines such as Jet Airways, Spicejet, IndiGo, Go Air and state-run Air India.
Targeting better service seeking passengers at low cost and also for small cities, the company is likely to start the low-cost airline in India on February 20, while for schedule flight yet no license has got by it.
Over all wait is of market reaction over foreign investment in forming new airlines whether it would affect existing airlines or not