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, Business Standard said.
AirAsia Berhad holds 49% while the Tata group owns 51% stake in the JV.
The Interups offer was viewed favourably by AirAsia Berhad, which is looking to depart from the JV in the face of its financial troubles brewing in its home country Malaysia.
But the Tata group shot down the offer. Both JV partners have the right of first refusal to each other’s stake.
Interups did not not only offer to buy AirAsia Berhad’s stake but also the remaining 51% stake with Tatas at the same valuation.
The development comes on the heels of media reports suggesting that Tata Sons was in talks to buy out the stake from their Malaysian partners.