Tata Sons has an 83.67% stake in AirAsia India.
Salt-to-software conglomerate Tata Group had on October 8 last year won the bid to acquire debt-laden state-run Air India by offering Rs 18,000 crore for it.
Tatas regained ownership of Air India late last month, nearly seven decades after it lost control to the government.
The deal completes a full circle as Air India was founded in 1932 under the name Tata Airlines by family scion and aviation enthusiast Jehangir Ratanji Dadabhoy Tata.
Air India, with its maharajah mascot, was once renowned for its lavishly decorated planes and stellar service championed by the airline's founder, JRD Tata, India's first commercial pilot.
The main reason for Air India's plight today can be attributed to the two major decisions taken by the then Union Government in 2004.
Eight brand logos would be transferable to the Tatas which they have to retain for a period of five years.
The transaction is expected to close by the end of December 2021.
A panel of ministers accepted a proposal from officials recommending the salt-to-software conglomerate ahead of an offer from Ajay Singh, promoter of India's airline operator Spicejet Ltd, the report said
Contrary to the general impression that Mistry's removal was sudden, it was actually three years in the coming, writes Peter Casey in the book 'The Story of Tata.'