Tata Sons Current Affairs - 2019
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Tata Sons has decided to increase its stake in low-cost carrier AirAsia India from 30 per cent to 41 per cent by infusing fresh capital.
AirAsia India is a joint venture between Malaysian low-cost airline AirAsia Berhad, Tata Sons and Arun Bhatia’s Telestra Tradeplace.
As per the original agreement these three partners holds 49%, 30%, 21% stakes in Air Asia India and had committed to invest 30 million US dollar in the airline.
Tata Sons will acquire the additional stake from Arun Bhatia’s Telestra Tradeplace which was subscribe to 21 per cent equity in the airline but it hasn’t done so.
With this change in ownership structure the top deck of the company has also changed, now the AirAsia India’s chief executive officer (CEO) Mittu Chandilya would also be its managing director.
Apart from Air Asia Tata Sons also holds 51 per cent stake in full-service airline Vistara a Joint venture with Singapore Airlines.
About Air Asia:
AirAsia India is an Indo-Malaysian low cost carrier headquartered in Chennai. It is a three-way joint venture with AirAsia Berhad, Tata Sons and Telestra Tradeplace. It was operational 12 June 2014 with Bangalore as its primary hub.
Note: AirAsia is the first foreign airline to set up a subsidiary in India with Tata Sons who re-entered in aviation business after a long gap of 60 years. It had started Tata Airlines in the 1930s that later became Air India and was subsequently nationalized.
Tata’s Vistara airline has started domestic flight operation in India. Vistara started its flight operation after first flight took off from Delhi to Mumbai on 9 January 2015.
Vistara airline is a joint venture of Tata Sons and Singapore Airlines (SIA). Earlier in 2014, Tata Group had to launch a full-service carrier in India with the help of SIA.
Some facts about Vistara airline
- As part of joint venture Tata group owns 51 percent stake of Vistara airline, while Singapore Airlines holds 49 percent of stake.
- In the first year of their service, they will operate flights from Delhi to Goa, Mumbai, Bangalore, Ahmedabad, Hyderabad, Chandigarh, Srinagar, Jammu and Patna.
- To start full-service, Vistara has leased two A320s air crafts.
- It will be the third full-service airlines in India, after state-run Air India and private carrier Jet Airways.
This is the second time the Tata group, has entered the full service airline business in India. First time in 1932, they had started Tata Airlines, which was later renamed Air India in 1946, and was nationalised in 1953.