NEW DELHI, April 1 – Gearing up to launch services in partnership with Tatas, Malaysia’s low-cost carrier, AirAsia, has incorporated a company in India, with the filing of all requisite documents to the Ministry of Corporate Affairs. Press Trust of India reported that the venture, AirAsia (India) Pvt Ltd, was incorporated as an “Indian non-government company”, with its registered office in Mumbai.
It will be an “unlisted” company as per the documents filed with the Registrar of Companies (RoC). The private company was incorporated on March 28, 2013, with an initial authorised capital of Rs5 lakh (about RM28,130). A company can change its share capital and other details at a later stage, the news agency said in the report.
Most of the serving airlines in India, including SpiceJet, Go Air, Kingfisher, Jet Airways and IndiGo have authorised share capitals running into hundreds of crores of rupees, their RoC filings showed. Among documents submitted by AirAsia (India) are the incorporation certificate filed on March 28 while the article of association, memorandum of association, image of airline logo and other forms were filed earlier on March 11.
Prior to that, AirAsia registered the name for its Indian venture on March 11 after getting the necessary approvals from the ministry. The filing process for the new venture has been completed on a fast-track basis, a senior official said. AirAsia Group Chief Executive Officer Tan Sri Tony Fernandes has tweeted that the company’s formation has been done for the venture in India.
“Airasia India pvt has been formed. One more step. Been studying the Indian market hard. Exciting. We can make a difference,” he wrote on the micro-blogging site.
The Foreign Investment Promotion Board has already approved the investment in the new venture, wherein Malyasia-based AirAsia will hold 49 per cent stake, Tata Sons will have 30 per cent and 21 per cent stake will be owned by Telestra Tradeplace’s Arun Bhatia, whose son is married to the daughter of NRI billionaire Lakshmi Mittal.
Taking-off with an initial investment of US$14.5 million (about RM44.6 million) AirAsia India will compete in the domestic passenger aviation space with Jet Airways, Spicejet, IndiGo, Go Air and state-run Air India. The airline now needs to get a no-objection certificate from the Aviation Ministry and thereafter an air transport licence from the DGCA (Directorate General of Civil Aviation) to be declared a scheduled airline.
AirAsia India will also mark the re-entry of Tatas into the aviation space after about 60 years of JRD Tata-founded Air India being nationalised in 1953. AirAsia and Tatas announced their plans to start the low-cost airline in India on Feb 20 while the FIPB approved the foreign investment for the venture in March.
BERNAMA
