Cats, monkeys, whatever you want to call them, there was a comment earlier about taking a stake in an existing carrier... that is not really an attractive proposition for a well run, profitable airline that has its own way of doing things.
The airline industry there is, overall, not well run.
AirAsia are well able to turn their backs on a steaming pile when they see one and have already done so at least once in the past when they walked away from a bunch of crooks in Vietnam and the lost cause that was Batavia. The same will happen in India if the value equation doesn't present itself as being worth it, so those cake eating monkeys will only get so far but am pretty sure they won't be eating any of Tony Fernandes' except maybe for the bit he wants them to have.
At the end of the day it will be Chennai's loss, not AirAsia's...