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AirAsia proposes joint airline with India's Tata Sons and Telestra Tradeplace

Published on Feb 20, 2013 7:07 PM
 
A model AirAsia aircraft sits on display during a news conference in Paris, France, on Thursday, Nov 18, 2010. Asia's largest low-cost carrier AirAsia on Wednesday announced plans to invest in an airline joint venture with India's giant Tata conglomerate and another investor. -- FILE PHOTO: BLOOMBERG

MUMBAI (AFP) - Asia's largest low-cost carrier AirAsia on Wednesday announced plans to invest in an airline joint venture with India's giant Tata conglomerate and another investor.

"AirAsia through its investment arm has applied to the Foreign Investment Promotion Board (FIPB) seeking approval to invest 49 per cent into a proposed joint venture with Tata Sons and Telestra Tradeplace," the statement said.

"Indian aviation has enormous long-term growth potential and is expected to produce tremendous upside for first movers."

The three parties have signed an agreement and will apply to the civil aviation regulator for a flying permit, it added.

 
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