(India) Limited (AAI) held by the Group’s wholly-owned subsidiary, AirAsia Investment Limited (AAIL). This brings down its shareholding in AAI to 16.33%.
Bo Lingam President of the airline's division of the AirAsia Group, said, “This transaction is in line with our initiatives towards reducing cash utilisation for the Group and will allow us to use cash to grow market share in our core markets in Asean, particularly in Malaysia, Thailand, Indonesia and the Philippines as well as for our future expansion into Cambodia, Myanmar and Vietnam.
“AirAsia Group has been reviewing its forward business strategy regularly, including its investment in AAI. This transaction will ensure strict cost containment for AirAsia Group in the short term, and strengthen our presence in Asean while continuing our market dominance for travel from Asean to India and North Asia.
“India will remain an important market for AirAsia. TSL has been an excellent partner and we look forward to continue working closely together in other areas of growth.”
Air Asia India currently flies to 19 domestic destinations in India and will reintroduce its small international route network to Malaysia and Thailand as soon as traffic restrictions are lifted. The company flies a fleet of some 30 Airbus A320 aircraft controlled from its headquarters in Bengaluru.
AirAsia Group has transformed into a digital travel and lifestyle platform with airasia.com as well as digital ventures in logistics, e-commerce, fintech and fast-food chain, among others. AirAsia Group also operates a regional technology centre in Bengaluru, India.
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