India's Tata Group has moved ahead with plans to increase its stake in AirAsia India (I5, Chennai) local media have reported. The conglomerate reportedly acquired an 11% stake from fellow Indian shareholder Telestra Tradeplace bringing its total shareholding in the budget carrier to 41.06% while Telestra's has been reduced to 10%.

The value of the transaction, which came in the form of a capital subscription, was not disclosed.

Tata Group reportedly plans to boost its stake up to 48%.

Malaysia's AirAsia (AK, Kuala Lumpur Int'l) remains the largest overall shareholder in AirAsia India with 49%.