Tata Increases Stake In AirAsia India: Key Takeaways By ICICI Securities
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ICICI Securities Report
AirAsia group, on December 29, 2020, announced it will be selling 32.67% stake in AirAsia India Ltd. to Tata Sons for a consideration of 37.7 million U.S. dollar (Rs 2.8 billion) with a provision to sell its remaining 16.3% stake for 18.8 million U.S. dollar, which implies an equity valuation of Rs 8.5 billion for AirAsia India.
This deal indicates -
- possible consolidation within the industry,
- a strategic commitment of Tata group towards the aviation sector and
- likely low valuations for weaker players.
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