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Tata Group is paying $38 million to increase its stake in AirAsia India from 51 percent to 84 percent as it looks to increase its share of India's airline industry.
Last week Tata also put in a bid for the country's struggling national carrier Air India.
Industry experts believe the could give Tata a stronger position in the sector, and help secure its bid for Air India, which has been put up for sale by the Indian government.
According to Air Asia, with India being a non-core market, the transaction would allow it to focus on recovering in its key markets of Malaysia, Thailand, Indonesia, and the Philippines.
AirAsia has been looking to reduce its losses and its Japan unit filed for bankruptcy last month.
AirAsia India has struggled to make money due to high fuel taxes and fierce competition.
The Tata Group originally founded Air India in 1932 but sold its stake to the government in the 50s.
Tata also operates the Vistara airline in partnership with Singapore Airlines.
