India's Tata Group has moved ahead with plans to increase its stake in AirAsia India (Bengaluru International) 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 International) remains the largest overall shareholder in AirAsia India with 49%.
