Tatas and its nominee Directors to take majority stake in AirAsia India

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Tata Sons Limited and its nominated Directors Mr. S. Ramadorai (Chairman) and Mr. R. Venkataramanan, have together entered in to an agreement to take over the stake of Arun Bhatia promoted Telestra Tradeplace Limited in Air Asia India Limited, to gain a majority stake in the airline.

Air Asia India is a joint venture promoted by Tony Fernandes promoted AirAsia Berhad of Malaysia, the Tatas and Telestra.

Tata Sons proposes to increase its stake by 7.94% in the airline to 49% from its existing stake of 41.06%, by acquiring equity from Telestra. Ramadorai and Venkataramanan, in their individual capacity, propose to acquire 0.5% and 1.5% shareholding respectively of Telestra’s remaining 2% equity stake. AirAsia Investment Ltd. will continue to hold its 49% stake in the ariline.

The agreement was entered into on March 14, 2016, and the transaction is proposed to be completed in April, 2016, subject to completion of the relevant corporate approvals and processes.