Tata Group rejects Interups’ buyout offer for AirAsia India JV partner

Reportedly, the Tata Group has refused an offer from US-based fund Interups, Inc. to buy out its Malaysian joint venture (JV) partner from AirAsia India. AirAsia Berhad holds 49 per cent while the Tata Group owns a 51 per cent stake in the JV. The Interups offer was viewed favourably by AirAsia Berhad, which is looking to exit from the JV in face of its financial troubles in its home country Malaysia. Both JV partners have the right of first refusal with respect to each other’s stake. Interups did not only offer to buy AirAsia Berhad’s stake but also the remaining 51 per cent stake held by the Tata Group at the same valuation.