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AirAsia Berhad chief Tony Fernandes has said they may explore opportunities in Indian aviation market if country's existing policy is amended. The Indian Government is considering allowing foreign airlines to acquire stakes in ailing Indian carriers. Low-cost carrier, AirAsia Berhad is mulling the possibility of doing the business country, which has over 1.2 billion people. "The current policy does not allow us to go in (to enter into any joint-venture). If the policy is amended, we will explore opportunities," The Star quoted Fernandes, as saying. "AirAsia is continuously looking out for opportunities. That is how we established almost all our units. India will definitely be a huge market for AirAsia," he added. On Wednesday, AirAsia Japan Co Ltd, a joint venture between All Nippon Airways Co and AirAsia Berhad was launched, adding to the series of other low-cost airlines namely Thai AirAsia, Indonesia AirAsia and AirAsia Philippines . Last month, India 's Commerce and Industry Minister Anand Sharma said the government had already received a request from the aviation industry and discussions were ongoing. At present, foreign direct investments (FDI) of up to 49 percent is permitted in India 's airline sector but foreign carriers are not allowed to buy equity due for security reasons. Looking into the demands of the cash-strapped aviation industry, the government, on January 17, decided to work on a proposal to allow foreign airlines to acquire equity up to 49 per cent in Indian carriers.

AirAsia chief Fernandes keen to invest in Indian aviation sector if policy amended