Businessman Arun Bhatia, one of three co-founders of AirAsia India, is pulling out and selling his near 10% stake in the airline.
The carrier began as a joint venture nearly two years ago between Tata Sons, Malaysia’s AirAsia Group and Bhatia’s company Telestra Tradeplace.
Tata Sons will buy 7.94% of Bhatia’s 9.94% shareholding while AirAsia India chairman S. Ramadorai and director R. Venkataramanan will purchase the remaining 2%.
Bhatia had a stormy relationship with the other joint venture partners and accused AirAsia Group of exerting too much influence from Malaysia.
Once the deal is complete Tata Sons and AirAsia will have an equal 49% stake in the airline.