Ending its uncomfortable journey in India after eight years, Malaysia-based AirAsia Group on Wednesday said it has exited AirAsia India by selling its remaining 16.67 per cent stake to Tata Group-owned Air India for Rs 155.64 crore. Later in the day, Air India said it has begun the process of creating a single low-cost carrier subsidiary by merging AirAsia India and Air India Express. A working group consisting AirAsia India CEO Sunil Bhaskaran and Air India Express CEO Aloke Singh has been formed for the two carriers' integration, which is expected to take approximately 12 months, it added.
Malaysian pay TV operator Astro All Asia Networks plc, owned by the country's richest man Ananda Krishnan, is eyeing entry into the Indian Direct to Home satellite television market
AirAsia India was set up as a three-way joint venture.
Mistry is presently also the chairman of loss-making Forbes & Company Ltd listed on the Bombay Stock Exchange.
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