AirAsia and Tata group are planning to establish a domestic joint venture Indian airline. It would be the first international investment in India’s aviation industry since the government opened it up to Foreign Direct Investment from foreign carriers in September. AirAsia would take a 49 per cent stake in the venture, with Tata Sons taking a 30 per cent stake. Arun Bhatia of Telestra Tradeplace is also involved in the joint venture. The deal is subject to approval from India’s Foreign Investment Promotion Board. The parties involved said they had signed a Memorandum of Agreement “that details high-level terms with regards to the proposed partnership”, but no other details were released.