AirAsia plane India: In what comes as a major relief to Air Asia, the government has given its go-ahead to the low cost carrier to start a new airline in India. Foreign Investment Promotion Board today approved Air Asia's Joint venture proposal to set up an airline with the Tata group and Arun Bhatia promoted Telestra Tradeplace. Malaysia's AirAsia, the largest budget carrier in Asia, has been planning for some time to launch a regional airline in India. The new airline will be managed with a base in Chennai.

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