Tata Sons is set to buy out businessman Arun Bhatia’s Telestra’s shares in AirAsia India, to increase its stake in the Indian venture of the airline to 49%. Telestra will no longer be part of the venture over concerns related to ownership and control at the low-cost carrier. Telestra Tradeplace holds nearly 10% stake in the airline, of which Tata Sons will buy 7.94% shareholding, and the remaining 2% stake will be bought by the airline’s two directors – Chairman of AirAsia India S Ramadorai will acquire 0.5% stake, while R Venkataramanan will get 1.5%, PTI reported.

With this deal, the Tata Group’s shareholding company and Malaysia’s AirAsia Berhad will each have 49% stake in the carrier. Bhatia had expressed displeasure over the state of affairs at the budget carrier last December. Earlier this month, it had announced a reshuffle among its top brass, with Amar Abrol replacing Mittu Chandilya as the chief executive office from April 1.

The deal is expected to be finalised next month, provided relevant corporate approvals are granted and processes are completed, Tata Sons said in a statement on Tuesday. Tata Sons signed the agreement with Air Asia India, Telestra Tradeplace, Ramadorai and Venkataramanan on March 14. “Great to see Tata and board members so confident on the future of Airasia India. I’m thrilled,” CEO of AirAsia Group Tony Fernandes said on Twitte.

AirAsia India, which began operations in India in June 2014, has a fleet of six aircraft, covers 12 routes and carries more than 1.8 million passengers.