Regulators have approved an operating permit for AirAsia's low-cost Indian joint venture airline. AirAsia India is a venture of Malaysia low-cost airline, India's Tata Group and investment firm Telestra Tradeplace. The airline has not disclosed when it will start service. "I can't wait for us to start flying," AirAsia India Chief Executive Mittu Chandilya. "We are working on being the lowest cost (airline)."