Tata Sons will increase its share in AirAsia India to 49 per cent by purchasing the 7.49 per cent stake held by Telestra Tradeplace. With the deal, Tata Sons and Malaysia’s AirAsia Berhad will hold 49 per cent each in the airline. The deal is expected to be completed in 2016, subject to relevant corporate approvals. Telestra Tradeplace will exit the venture with the sale of the remaining 2 per cent stake to the carrier’s two directors.
Jet Airways will seek approval of its shareholders and creditors for its proposed merger with JetLite. The airline’s board had approved the merger in September 2015. The merger will lead to greater efficiency in cash management of the new entity. Currently, Jet Airways and JetLite operate under two different air operator permits.