Asia's largest budget carrier AirAsia plans to launch an Indian airline in partnership with a local promoter as it desires to earn in India, one of Asia's biggest aviation markets. Sources said that AirAsia is exploring options to set up a company that will be majority owned by an Indian promoter, preferably a well-known business group.    

AirAsia will hold 49 per cent in the venture that will apply for an aviation licence. The Malaysian carrier has broached the issue with the Videocon Group and the talks are at a preliminary stage, the sources said. Venugopal Dhoot, the Chairman of the Videocon Group, confirmed that they had been approached by the airline.    

Tony Fernandes, the promoter of AirAsia, is a flamboyant businessman with a taste for Formula One racing and football. He built AirAsia into Asia's largest budget carrier and stunned the aviation industry in 2011 by ordering 200 A320 NEOs, breaking the record set by Delhi-based IndiGo that had ordered 180 aircraft for $15.6 billion.