SME Times is powered by   
Search News
Just in:   • Equity indices break two-day losing streak on value buying  • IMF urges Sri Lanka to tighten monetary policy  • Global semiconductor sales to reach $676 bn this year: Gartner  • Tinna Rubber hits upper circuit, investors accumulate 900% returns in year  • Availability of jobs in Japan improves for 1st time in 3 yrs 
Last updated: 27 Sep, 2014  

AirAsia.THMB.jpg Malaysian airline scouts for partner in Japan

   Top Stories
» Net direct tax collection reaches highest-ever figure in FY 22
» Musk has to manufacture here to sell Tesla cars in India: Gadkari
» Round tripping of industrial inputs by large players unfavourable to local value chains
» Sitharaman engages investors in Silicon Valley
» Modi hails India's success in achieving target of $400 billion of exports
SME Times News Bureau | 01 Jul, 2013
Malaysian low cost airline AirAsia is scouting for a new partner in Japan to fly the domestic routes there after its recent divorce with its two-year-old joint venture partner ANA Holdings Inc, said a top group official.

"We are looking for suitable partners there. There is no time frame fixed for reentering the Japanese market," AirAsia group CEO Tony Fernandes told reporters in Chennai on Saturday.

On June 25, AirAsia announced the termination of its two-year-old joint venture with ANA Holdings under AirAsia Japan.

ANA Holdings is the holding company that holds shares in ANA (All Nippon Airways), ANA Wings, Air Japan and others.

According to AirAsia, the Japanese venture faced many challenges since its launch including how the business should be managed from cost management to where the domestic business operations should be based.

Speaking about the Japanese venture, Fernandes said it was only a divorce and not a business failure.

The termination of Japanese joint venture comprises of ANA Holdings buying back AirAsia's 49 percent stake in AirAsia Japan and return of all aircrafts leased from the Malaysian low cost carrier by Nov 1, 2013 and the payment of all monies accrued from the leasing of the aircraft.

Fernandes said AirAsia prefers organic growth rather than buying into an existing airline as the cultural matching will be difficult.

"Right culture will keep the costs low," he added.
Print the Page Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 27 Apr, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter