AirAsia submits application for scheduled airline to aviation ministry - NDTV

New Delhi: Malaysian low-cost airline AirAsia has submitted its application for a scheduled airline to the aviation ministry on April 23, NDTV has learned. In its application, it has named four directors- Arun Bhatia, R Venkataram, Tony Fernandes and Bharat Vasvani. It will have an all-Airbus fleet of 36 aircrafts over the next 5 years, the sources told NDTV. AirAsia, which is the largest low-cost airline in Asia, has formed a joint venture with Tata Sons and Telestra Tradeplace of Arun Bhatia in a 49:30:21 holding to launch a low-cost carrier in the domestic market. AirAsia will have operational control of the airline, while Tata Sons will be the minority investor with operational role. The Tatas will be represented by two non-executive directors on the airline's board. The airline, which will be based out of Chennai, hopes to begin operations in the fourth quarter of the current year and will operate in tier-2 and tier-3 cities. The venture received a formal approval from the Foreign Investment Promotion Board (FIPB) earlier this month to set up the company in the country. AirAsia's plans to set up an airline in India took off after the government last September relaxed investment norms in the sector and allowed foreign carriers to purchase up to 49 per cent in local counterparts. (With inputs from agencies) via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNER2X4C2zsbbG7e2b85MNbcEf8oxw&url=http://profit.ndtv.com/news/industries/article-airasia-submits-application-for-scheduled-airline-to-aviation-ministry-321389

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