richard branson, the billionaire owner of the British airline, Virgin Atlantic, is looking to increase his stake into aviation by acquiring the budget Malaysian airline, AirAsia.
Branson would take a 20 percent stake in Fly Asian Express (FAX), teaming up with Asia's aviation tycoon Tony Fernandes to run flights from Malaysia to China, Europe and Australia, the newspaper reported citing sources familiar with the negotiations.
It said AirAsia chief executive Fernandes and his deputy Kamarudin Meranum would sell 20 percent of their stake to Branson, the founder of Virgin Group.
Fernandes has a 50 percent stake in FAX, while Kamarudin owns 30 percent.
Although Fernandes had previously denied Branson's involvement, he admitted that the two parties were in discussions, the newspaper reported.
"I won't hide the fact that we're talking, we're always exchanging ideas, but it is not settled," Fernandes was quoted as saying by the newspaper in a separate interview.