 In Thailand and Indonesia, AirAsia holds a minority stake in the respective local companies.Thai AirAsia, a joint venture with Shin Corporation, Thailand’s largest telecommunication conglomerate, took to the skies in Feb 2004 and has to date carried over 1 million passengers in its first year of operations.PT Awair, re-launched as a low fare airline on 8 December 2004 and subsequently renamed Indonesia AirAsia, presently serves 5 domestic destinations in Indonesia.