Tata Group has increased its stake in AirAsia India as it looks to increase its share of India's airline industry. On Tuesday the company announced it would increase its holdings in the Indian-based joint venture with AirAsia from 51% to 84%. AirAsia, owned by Malaysian tycoon Tony Fernandes, has been scaling back its operations during the Covid pandemic. Last week Tata also put in a bid for the country's struggling national carrier Air India. Tata Group is paying AirAsia around $38m (£28m) for the increased stake in the AirAsia India joint venture which began in 2014. The deal puts the Indian conglomerate firmly in command of the budget carrier. AirAsia has been looking to reduce its cash-burn and its Japan unit filed for bankruptcy last month.