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FOR IMMEDIATE RELEASE
AirAsia
receives formal approval from India’s Foreign Investment Promotion Board
KUALA LUMPUR, 5 APRIL 2013 –
The application
made by AirAsia Berhad (“AirAsia”) through its investment arm, AirAsia
Investment Ltd. (“AAIL”) to the Foreign Investment Promotion Board
(“FIPB”) of India seeking approval for a 49% investment into an Indian
joint venture company named ‘AirAsia (India) Pvt
Ltd” partnering Tata Sons Limited and Mr. Arun Bathia of Telestra
Tradeplace Pvt. Ltd. has been granted a formal approval on Thursday, 4
April 2013.
This
approval will enable AirAsia (India) Pvt. Ltd. to apply with the Indian
Directorate General of Civil Aviation for the aviation
licence to operate as an Indian airline.
AirAsia
is confident that it can replicate its unprecedented success across
Malaysia, Thailand, Indonesia and other joint ventures.
In particular, AirAsia believes its success in affording people to fly
through superior operational performance by emphasizing a focused and
disciplined cost structure will tremendously benefit the Indian
consumer.
As
a pioneer of the low cost carrier model in Asia and currently Asia’s
largest LCC with 120 aircraft and over 350 orders, AirAsia
believes Indian aviation has enormous long-term growth potential. The
joint venture plans to operate from Chennai, Tamil Nadu focused on
providing domestic Tier II and Tier III city connectivity to Indian
travelers.
Currently,
AirAsia through its operations based in Thailand and Malaysia already
connect Chennai, Bangalore, Thiruchirapalli, Kochi
and Kolkata to Asean and beyond through its Group’s operations.
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