AirAsia's India investment plan gets FIPB nod

REUTERS - The Foreign Investment Promotion Board has approved AirAsia Bhd's proposal to set up an airline jointly with the Tata group, two television channels reported, citing sources.

Malaysia's AirAsia, the largest budget carrier in Asia, plans to launch a regional airline in India. The new airline, AirAsia India, will be managed by the Malaysian company and based in Chennai.

(Reporting by Anurag Kotoky in NEW DELHI; Editing by Subhranshu Sahu)