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    AAX   MYL5238OO000

AIRASIA X BERHAD

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End-of-day quote BURSA MALAYSIA  -  2022-06-23
0.5050 MYR   -0.98%
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Tata's Air India proposes to buy AirAsia India

04/27/2022 | 03:23am EDT
FILE PHOTO: A woman walks past Air India airlines branding at a park in Mumbai

BENGALURU (Reuters) - Tata Group-owned Air India has proposed to buy the entire equity share capital of low cost carrier AirAsia India, in which Tata has a majority stake, to merge into a single airline, according to an application with India's competition commission.

The autos-to-steel conglomerate bought state-run carrier Air India in a $2.4 billion equity-and-debt deal, regaining ownership of what used to be India's flagship carrier after nearly 70 years.

Tata Sons has an 83.67% stake in AirAsia India.

"This was on expected lines as it makes no sense for the Tata Group to own stakes in separate airlines," said Vinamra Longani, head of operations at Sarin & Co, a law firm specialising in aircraft leasing and finance.

"The Tata Group has embarked on what will go down in history as possibly one of the most challenging airline realignment or turnarounds."

While Air India has lucrative landing slots, Tata faces an uphill task to upgrade the airline's aging fleet and turn around its financials and service levels.

"The proposed combination will not lead to any change in the competitive landscape or cause any appreciable adverse effect on competition in India," according to the application https://www.cci.gov.in/sites/default/files/notice_order_summary_doc/C-2022-04-922.pdf with the Competition Commission of India (CCI).

The CCI application is the first move by Tata to integrate its airline businesses, which also include Vistara, a joint venture with Singapore Airlines, and AirAsia India, which it operates with Malaysia's AirAsia X Bhd.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Shounak Dasgupta)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIRASIA GROUP BERHAD 1.67% 0.61 End-of-day quote.-22.78%
AIRASIA X BERHAD -0.98% 0.505 End-of-day quote.-22.31%
MSCI SINGAPORE (GDTR) 1.05% 5440.26 Real-time Quote.-14.24%
SINGAPORE AIRLINES LIMITED 0.39% 5.15 Delayed Quote.3.21%
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Financials
Sales 2022 514 M 117 M 117 M
Net income 2022 4,80 M 1,09 M 1,09 M
Net Debt 2022 - - -
P/E ratio 2022 101x
Yield 2022 -
Capitalization 209 M 47,6 M 47,6 M
Capi. / Sales 2022 0,41x
Capi. / Sales 2023 0,07x
Nbr of Employees 2 364
Free-Float 48,6%
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Number of Analysts 1
Last Close Price 0,51 MYR
Average target price 1,30 MYR
Spread / Average Target 157%
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Managers and Directors
Benyamin bin Ismail Co-Chief Executive Officer
Nadda Buranasiri Group Co-Chief Executive Officer
Andrew Robert Littledale Chief Financial Officer
Rafidah binti Aziz Senior Independent Non-Executive Chairman
Soon Yee Ong Head-Engineering
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1st jan.Capi. (M$)
AIRASIA X BERHAD-22.31%48
SINGAPORE AIRLINES LIMITED3.21%23 949
DELTA AIR LINES, INC.-20.16%20 001
AIR CHINA LIMITED7.54%18 651
CHINA SOUTHERN AIRLINES COMPANY LIMITED-9.42%15 282
RYANAIR HOLDINGS PLC-21.31%14 362