Fernandes (left) collecting food from AirAsia Food merchant JoshiJosh
PETALING JAYA: AirAsia Group Bhd’s wholly owned subsidiary AirAsia Investment Ltd is disposing of a 32.67% stake in AirAsia (India) Ltd (AAI) to its joint venture partner Tata Sons Pte Ltd for US$37.66 million (RM152.58 million).
According to its Bursa filing, the transaction includes a call option for the group’s remaining 16.33% stake in AAI, exercisable by Tata at any time after the disposal is completed, for US$18.83 million (RM76.29 million). The deal includes a put option exercisable by AirAsia in two tranches, March 1 to May 30, 2022 and Oct 1 to Dec 31, 2022.
The budget airline said the proceeds from the disposal will be used as working capital for first-quarter 2021.