Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 8 hours, 6 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
Delhi to unveil new laws for businesses
MUMBAI: To improve ease of doing business, government will soon finalise three new important laws - the litigation policy, the bankruptcy code and an arbitration law, Ind..
Delhi hikes steel import duty again by 2.5%
NEW DELHI: The Indian government on Wednesday increased the import duty on select steel products by 2.5 per cent, making the second such hike within two months. Financ..
Auto majors compete to unveil new models
NEW DELHI: Automobile majors are competing to introduce their new models in India, a lucrative market. Maruti Suzuki, Fiat Chrysler Automobiles and Honda Motorcycle have ..
Foxconn plans to make major investment in India
NEW DELHI: Taiwanese electronics giant Foxconn said it was going to invest in India across verticals like manufacturing, start-ups, energy and e-commerce portals and was ..
General Motors to invest $1 billion in India
NEW DELHI: American automobile manufacturer General Motors (GM) on Wednesday said it will invest around $1 billion in India. “The Chevrolet brand is committed to India..
 
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright