R Venkataramanan, managing trustee of Tata Trusts, and S Ramadorai, former CEO of TCS, have exited budget carrier AirAsia India by selling their shares to Tata Sons. The duo has also stepped down from the board, ending their two-year association with the controversy-stricken airline.
After the share-purchase, Tata Sons, the holding company of the $111-billion Tata Group, has become the largest shareholder of AirAsia India with a 51% equity interest. The remaining 49% is held by Malaysia’s AirAsia.
Venkataramanan, who recently announced his departure from Tata Trusts, and Ramadorai held 1.5% and 0.5% stakes respectively in AirAsia India. Venkataramanan will be at Tata Trusts till March 31.
TOI had reported about the plan of the two to sell their stakes in AirAsia India in its September 6, 2018 edition.