Reportedly Indian conglomerate Tata Sons is in talks to buy out AirAsia Group Bhd’s stake in their airline joint venture in india at a steep discount, the business Standard newspaper reported on thursday, citing banking sources. Tata Sons will likely tie up with other financial investors to acquire AirAsia’s 49% stake in the venture, according to the newspaper.
Meanwhile Malaysian budget carrier AirAsia said earlier in the day that it was in talks to raise more than 1 billion ringgit ($234.52 million) in funds, a day after its auditor cast doubt on its ability to continue as a going concern. Tata Sons declined to comment. AirAsia did not immediately respond to a request for comment. Meanwhile American airlines Group Inc said on sunday it plans to secure $3.5 billion (2.83 billion pounds) in new financing, to improve the airline’s liquidity as it grapples with travel restrictions caused by the coronavirus.
Moreover the company plans to raise $1.5 billion by selling shares and convertible senior notes due 2025, the airline said in a statement. Perhaps additionally, the airline said it will offer $1.5 billion in senior secured notes and that it intends to enter into a new $500 million term loan facility due 2024. American airlines and Delta air Lines Inc said last week that a modest recovery in demand was helping to slow daily cash burn rates in june after the US government reported record low passenger numbers in april amid the coronavirus pandemic.
