Tata Sons to acquire 32.67% more in AirAsia India for USD 37.66 mn; stake to rise to 83.67%
PTI, Dec 30, 2020, 8:47 AM IST
Mumbai: Tata Sons will increase its stake in budget carrier AirAsia India (AAI) to 83.67 per cent by acquiring an additional 32.67 per cent for USD 37.66 million from AirAsia Investment Limited (AAIL), according to a regulatory filing.
Currently, AAIL, which is a wholly-owned subsidiary of Malaysia-based AirAsia, holds 49 per cent stake in the Bengaluru-based AirAsia India.
In a regulatory filing to stock exchange Bursa Malaysia, AirAsia said, ”The board of directors of AirAsia wishes to announce that its wholly-owned subsidiary AAIL and Tata Sons Pvt Ltd, India, on December 29, entered into a share purchase agreement.”
It added that the pact is for disposing of AAIL’s equity interest of 32.67 per cent in AirAsia India to Tata Sons ”for a total consideration sum of USD 37,660,000 (or MYR 152.58 million)”.
AirAsia India started operations on domestic routes in June 2014 following the then UPA government allowing foreign airlines to invest up to 49 per cent in the Indian carriers.
”The share of losses over the years has resulted in the carrying value of the investment at the date of the transaction to be Nil,” AAIL said in the filing.
It added that the proposed disposal will, therefore, result in a gain on disposal of USD 37,660,000 (equivalent to about 152.58 million Malaysian ringgit) in the fourth quarter of 2020 at both AAIL and consolidated group level.
The directors of AirAsia also wishes to announce that AAIL has further agreed to waive off unpaid brand licence fees payable by AAI to AirAsia Berhad, a company’s wholly-owned subsidiary, under an agreement reached in December last year, due to the COVID-19 pandemic, it said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Construction in ‘our own territory’ normal, says China on report of building village in Arunachal
Udupi youth builds dune buggy car out of scrap materials
Polytechnic Colleges in K’taka to be Upgraded & Modernised!
Related Articles More
India within striking distance of attaining positive growth: RBI
Sensex jumps over 300 pts to breach 50,000-mark for 1st time; Nifty tops 14,700
Reliance-Future deal gets SEBI nod, BSE ‘no-adverse-observation’ status
Trade unions ask govt to put on hold implementation of 4 labour codes
Cairn says engaged with Indian govt on adherence to arbitration award
explosion sound around shivamogga
Mangaluru harassment in bus case: Young woman narrates her ordeal
Harassment on city bus: Victim slaps ‘arrested’ molestor in front of police
Bricks Made From Used Plastic Water Bottles | Complete Information
Vijay Prakash | Self Charging Electric Bike Made by Autorickshaw driver
Mangaluru: Customs officials seize Rs 44.2 lakhs worth of gold from Dubai returnee
B’luru Airport recorded its first low-visibility landing under CAT IIIB
5 dead in fire at Covid-19 vaccine maker Serum Institute’s Manjari plant
Commerce ministry recommends anti-dumping duty on Chinese chemical used in dye, Pharma industries