Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 5 hours, 39 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
AirAsia to initially invest $30 million for Indian JV
July 04, 2013
 Print    Send to Friend

NEW DELHI: Malaysian low-cost carrier AirAsia initially plans to invest $30 million in its Indian joint venture (JV) with the Tata Group, its chief executive officer, Tony Fernandes, said here on Wednesday

“The potential of India was always there in my eyes. I was waiting for the market to become conducive for us so that we can stay here for a fairly long time and I think the tide is now turning very quickly. So we felt that this is the right time to come to India,” he said while addressing a press meet.

Apart from this, the company is also eyeing the Indian insurance market through its Tune Money venture. Fernandes, however, added that airports need to be much more proactive as they are a very large part of the cost pie. He is hopeful that the operations can start from October. Fernandes met Civil Aviation Minister Ajit Singh on Tuesday. The company has already applied for a no-objection certificate.

Asked how much marketshare the company has been eyeing in the Indian low-cost carrier space, Fernandes said: “I am not here to take away marketshare. But given India’s potential of 1.3 billion population, this could be the largest Air Asia operation.”

The company is planning to start from south India, with Chennai as its head office. Fernandes mentioned that the airline can have many bases in the southern part of the country like Bangalore, Chennai and Kochi.

Fernandes plans to further bring down airline fares in India as he feels these are now ruling at a higher range. The company also plans to look at international routes from India as Fernandes feels “India is a fantastic location to connect to Africa and the Gulf countries.”

Indo-Asian News Service

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
Foreign exchange reserves grow by $419.4 million, RBI data shows
MUMBAI: India’s foreign exchange reserves grew by $419.4 million to $315.55 billion for the week ended November 14, Reserve Bank of India (RBI) data showed. The reserv..
FICCI says Q3 manufacturing growth may be moderate
NEW DELHI: India’s manufacturing sector is likely to experience moderate growth in the third quarter of the current fiscal, the Federation of Indian Chambers of Commerce ..
Gold rebounds on seasonal domestic demand, global cues
NEW DELHI: After two days of losses, gold regained its glitter to trade Rs50 higher at Rs26,800 per ten grammes at the bullion market in the national capital on Saturday...
India’s strong leadership led to ending WTO impasse: Sitharaman
NEW DELHI: India’s strong leadership and negotiating from a position of strength on the food security issue paved the way for ending the impasse at the World Trade Organi..
Sensex, Nifty back on record-breaking mode
MUMBAI: Host of positive factors elevated both the bellwether indices, Sensex and Nifty, by 267 points and 75 points to log their new closing heights of 28,334.63 and 8,4..
 
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright