Tata Sons to buy residual stake in AirAsia India for $19 million

Transaction to be completed by early next year; plans merger with Air India Express once deal is done

Tata Sons is all set to acquire the residual stake of 16.33 per cent in AirAsia India from its joint venture partner, AirAsia Berhad for $19 million (Rs 142 crore).

The valuation is as per the previous transaction under which AirAsia Berhad had sold its 32.6 per cent stake, said a banking source. The Tata group had increased its stake in AirAsia India at a valuation of $115 million.

At present, Tata Sons owns 83.6 per cent stake in the loss-making airline and For the fiscal ended March 2021, the airline had made a loss of Rs 1,632 crore on