AirAsia to sell bulk of stake in its Indian operations to Tata Sons

Malaysian budget airline AirAsia Group Bhd said on Tuesday it plans to sell 32.67 percent of its stake in its Indian operations to majority shareholder Tata Sons for $37.7 million. The airline, which until now owned 49% of AirAsia India as part of a joint venture with the Indian conglomerate, said the sale would allow it to focus on its recovery in its key Southeast Asian markets amid the impact of the COVID-19 pandemic on travel. The announcement comes two months after AirAsia shut its operations in Japan, citing highly challenging conditions amid the pandemic.