Tatas, AirAsia in talks to sort out no-compete rule, signed for their JV

The Tata group’s holding company, Tata Sons, and Air Asia —owned by Malaysian businessman Tony Fernandes — are in talks to sort out differences that cropped up between the two groups over the non-compete clause signed for their joint venture, AirAsia India. The exclusivity clause in the memorandum of agreement signed between Air Asia Berhad, Tata Sons and their erstwhile partner Telestra Tradeplace on February 19, 2013, bars all the partners and their affiliates from directly or indirectly engaging in low cost aviation business. The no-compete agreement disallows invest.....

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