Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 6 hours, 24 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
Sensex, Nifty close at all-time high levels
MUMBAI: Continuing its record breaking performance, the BSE benchmark Sensex on Wednesday spurted by over 118 points to end the day at all-time closing high of 22,876.54 ..
Foreign exchange reserves at $309.44b, shows RBI data
MUMBAI: India’s foreign exchange (forex) reserves rose by $2.79 billion to $309.44 billion for the week ended April 11, Reserve Bank of India (RBI) data showed. There was..
HCL Tech posts 59% increase in Q1 net profit
NEW DELHI: IT services exporter HCL Technologies posted 59 per cent increase in net profit in the quarter ended March 31, a company statement said here Thursday. The n..
Sensex breaks 3-day losing string
MUMBAI: Hectic short-coverings ahead of the long weekend holidays and expiry of April contract next week-end, the benchmark S&P BSE Sensex on Thursday broke its three ses..
Indian rupee at three-week closing low, Sensex down
MUMBAI: The Indian rupee continued its downslide for the third straight session in line with weakness in local equities and dropped by 14 paise to record its fresh three-..
 
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright