Malaysian low-cost carrier AirAsia has received approval from India’s Foreign Investment Promotion Board to form a JV with the Tatas and Telstra Tradeplace. AirAsia will have a 49 per cent stake in the JV, AirAsia India, with the Tata Group and Telstra Tradeplace holding stakes of 30 per cent and 21 per cent, respectively. Depending on when it can obtain clearance from the aviation ministry, the JV could commence operations with a fleet of three to four aircraft by mid-2013. Currently, the JV is waiting for its licence that is issued by the Directorate General of Civil Aviation, India.