Malaysian budget airline AirAsia Berhad will soon reduce its stake in the Indian joint venture with Tata Sons, as it looks to reduce cash burn in low-priority markets such as India and Japan in the wake of Covid-19 headwinds.

AirAsia’s stake in its India venture will fall to 13% from 49% and it will be reduced to a financial investor, Times of India reports. It has already ceased flying in Japan. The Indian joint venture will, however, continue to use the AirAsia brand and other agreements such as aircraft maintenance and ticket accounting software for some time, the daily added.