While AirAsia will hold 49 per cent stake in the JV, the

Tata Group will hold 30 per cent and Hindustan Aviation of the Bhatias - 21 per cent, said sources, requesting anonymity. The three parties signed the partnership agreement and submitted the proposal to the Indian government earlier this week, they said. "We have carefully evaluated developments in India over the past few years and strongly believe that the current environment is perfect to introduce AirAsia's low fares which stimulate travel and grow the market," AirAsia founder and Group Chief Executive Tony Fernandes said in the statement. It was in September last year that the government decided to open up the aviation sector to Foreign Direct Investment from foreign carriers. Air Asia has made the move to invest even as Etihad and Jet Airways continue to work towards finalising a deal for the Gulf carrier to invest in Jet. For the USD 100 billion Tata Group, this would be its second foray into the aviation segment after the late JRD Tata launched Air India before the Independence. Ratan Tata, Chairman Emeritus of the Tata Group, once pioneers in civil aviation, had indicated in an interview to