Team Lotus boss Tony Fernandes has been awarded a Commander of the Order of the British Empire (CBE) honour by Her Majesty Queen Elizabeth II.

The citation says the award was conferred "for services to promote commercial and educational links" between the United Kingdom and Malaysia.

Fernandes, together with three partners, took over the loss-making AirAsia from a Malaysian government-linked company in December, 2001. In just over nine years AirAsia has soared to become Asia's largest Low-Cost Carrier.

In 2007, he founded sister airline AirAsia X, the low-cost, long-haul carrier that is often dubbed "AirAsia on steroids." AirAsia X launched its low-fare route between Kuala Lumpur and London in 2008.

In Formula One, Fernandes and his partners Kamarudin Meranun and SM Nasarudin have gained fans around the world since launching their team in record time for the start of the 2010 F1 season. Now racing under the Team Lotus banner, they achieved their first year objective of winning the battle of the new teams and are now aiming to take the fight to the established midfield teams.

Fernandes expressed delight at the news of the CBE. "I'm grateful to Her Majesty Queen Elizabeth II for the honour. It is a recognition of the hard work, determination and effort on the part of all my partners, colleagues and staff in AirAsia, Tune Group and Team Lotus. We have a terrific bunch of talented people working with us to make things happen in whatever venture we undertake. This is as much their award as it is mine."

The CBE is the second major award conferred on Fernandes in Europe. In 2010, the French government conferred upon him the title of Officier of the Legion d'honneur, the highest award for a non-French national, for his outstanding contributions to the aviation industry. Fernandes was also recently named "Asia Businessman of the Year 2010" by the international magazine Forbes, and has gathered a slew of other top awards from private bodies and media organisations for his innovative approach to business.