Malaysia tycoon Fernandes' Indian roots may help skirt air rules

Malaysian airline tycoon Tony Fernandes, CE of AirAsia, said he’s applied for a version of Indian citizenship, a status that may allow him to fully own his local unit and skirt some aviation rules that restrict foreigners. If India grants the special citizenship to Fernandes, he may be able to fend off rivals who say AirAsia is violating foreign ownership rules by fully controlling the local unit even though it’s allowed to hold only up to 49%. Becoming an overseas citizen of India may clear the path for Fernandes to acquire, in his personal capacity, 100% of the venture he now shares with the Tata Group and a private investor. “This whole foreign thing is bizarre for me,” said Fernandes, whose parents are from India. “What’s important? Is it creating jobs, is it creating investments, increasing tourism?” <br/>