Further to the Company’s press release of 20^th February 2013, the Company wishes to update that it has on 4^th April 2013 received a formal approval from the Indian Foreign Investment Promotion Board (“FIPB”) for AirAsia Investment Ltd to invest up to 49% in an Indian joint venture company.  

On 28^th March 2013, the Company’s prospective partners in the joint venture Tata Sons Ltd and Telestra Tradeplace Pvt Ltd incorporated a joint venture vehicle AirAsia (India) Pvt Ltd with an initial paid up capital of 5 lakhs (approximately USD$9,200.00) in anticipation of the parties formalizing a Share Subscription Agreement and Shareholders Agreement within April 2013.  Simultaneous to the signing of the documents above, the  Company will also formalize a Brand License Agreement with AirAsia (India) Pvt Ltd.

A further announcement will be released upon signing of the Shareholders Agreement and related documents.   

The FIPB approval means the parties through AirAsia (India) Pvt Ltd will be able to apply with the Indian Directorate General of Civil Aviation for the aviation licence.

This announcement is dated 5th day of April 2013.