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AirAsia to sponsor Kings XI Punjab in Champions League Twenty20

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Low cost carrier AirAsia India on Sunday announced its association with the Indian domestic Twenty20 side Kings XI Punjab by becoming one of its sponsors.

"Showing our commitment to Chandigarh, we are going to be sponsoring Kings XI Punjab in the Champions League Twenty20," AirAsia India, CEO, Mittu Chandilya told reporters in Chandigarh on Sunday.

Kings XI Punjab, which reached the semifinals of the Champions League Twenty20 in 2014, is co-owned by Bollywood actress Preity Zinta.

According to the shareholding pattern, actress Preity Zinta and industrialist Ness Wadia have 23% stake each while industrialist Mohit Burman has 46%, Karan Paul chairman of Apeejay-Surrendra Group and Delhi based company Root Investment have 4% each.

KPH Dream Cricket, which owns Kings XI Punjab, had shown profit to the tune of Rs 78.01 lakh for the first time since the start of IPL in 2008. It had declared profit before tax for the financial year 2012-13, as per financial documents including profit and loss account of the company filed with Registrar of Companies (RoC). 

The low-cost carrier on Sunday also announced to commence its flight from Chandigarh to Bangalore from September 5.

AirAsia currently flies from Bengaluru to Chennai, Kochi, Goa and vice versa.

AirAsia is a joint venture between Tata Sons Limited, Telestra Tradeplace and AirAsia with AirAsia holding 49%, Tata Sons holding 30% and rest with Telestra Tradeplace.

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