UPDATE 2-Slim, Azcarraga sell stakes in Mexican airline

* Slim, Azcarraga pull out from airline venture

* Televisa will get $81 mln for 25 pct stake

* Indigo Partners LLC, one of new partners (Recasts with Volaris announcement, adds details on deal)

By Cyntia Barrera Diaz and Veronica Gomez

MEXICO CITY, July 16 (Reuters) - Mexican low-cost airline Volaris said on Friday that media baron Emilio Azcarraga and Carlos Slim, the world's richest man, had sold their respective 25 percent stakes in the airline.

Azcarraga's broadcaster Televisa (TV.N) (TLVACPO.MX), which first invested in Volaris in 2005, said earlier on Friday it sold the stake in the airline for $81 million.

It was not clear how much Slim received for his stake in Volaris, which has a 15 percent stake of the Mexican market.

Volaris added U.S. destinations in recent months.

Slim's and Azcarraga's stakes in Volaris were sold to a group of investors including Indigo Partners LLC, an Arizona-based venture capital firm that specializes in the air transportation industry.

Azcarraga had long wanted to pull out from Volaris after his relationship with tycoon Carlos Slim soured due to the rising rivalry between the two in the telecommunications field.

Slim owns fixed-line company Telefonos de Mexico TMX.N (TELMEXL.MX) and America Movil (AMX.N) (AMXL.MX), Latin America's leading cell phone company.

Azcarraga recently tapped the telephone market. His cable television unit Cablevision (CABLECPO.MX) offers fixed-phone services, and it plans to add wireless capabilities soon.

Earlier this year, rival airline Interjet offered $360 million to buyout Volaris, a bid that got the nod of Slim and Azcarraga but was rejected by El Salvador-based Taca and investment fund Discovery Americas, the two other founding members of the airline.

Volaris and Interjet started with hubs in Toluca in central Mexico, an hour's drive from the capital, offering flights to beach destinations and colonial towns at lower prices than the larger airlines. They now operate flights from the busy Mexico City airport.

At least six low-cost carriers, unable to keep up with high fuel costs and a crowded market, have closed shop in Mexico in recent years. The swine flu outbreak in 2009 was an additional blow to the country's airline industry, while fears of growing drug violence in Mexico have frightened away some tourists.