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Nikkei Markets

Malaysia's AirAsia Pitches For Budget Carrier In Sri Lanka - Report

By Alexander Winifred
Nikkei Markets
KUALA LUMPUR (Nov 13) -- Malaysia's AirAsia, the largest discount carrier in Asia by fleet, has pitched to set up a budget airline in Sri Lanka, The Sunday Times Sri Lanka reported.

A team from AirAsia made an hour-long presentation to the Cabinet Committee on Economic Management on Wednesday, the newspaper reported. The Sri Lankan government would hold a 51% stake in the proposed entity, AirAsia Sri Lanka, the report said.

"Everything will be privately funded," the newspaper reported citing unnamed sources. "They will bring in five aircraft in the first year, and twenty five in five years."

AirAsia Sri Lanka is vying for a Sri Lankan air operator's certificate and looking to exercise unused bilateral rights out of the country for the proposed investment. The airline also showed readiness to help build a terminal to accommodate the increased number of aircraft due to its entry, according to the report.

AirAsia didn't immediately respond to request for comment.
- By Alexander Winifred; Alexander.Winifred@nikkeinewsrise.com; +60320267363
- Edited By Soma Dutta
- Send Feedback to feedback@NikkeiNewsRise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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