Malaysia's AirAsia Bhd has announced its plan to invest up to $60 million into its new airline venture in India.

Tony Fernandes, chief executive of the biggest budget carrier in Asia, disclosed during a media conference call that they are looking forward to getting approval to build a new airline with two Indian firms, Telestra Tradeplace Pvt Ltd. and Tata Sons Ltd.

Through its investment arm AirAsia Investment Ltd., AirAsia aims at getting 49% of the venture with the two Indian companies' remaining stake. This venture is focused on operating from Chennai in the southern part of the country in line with the purse of providing domestic flight options.

Currently, AirAsia has flights in four south cities in India and in the eastern Kolkata in addition to 20 Asian countries.