Advertisement

Rakesh Jhunjhunwala's Airline gets a nod from ministry; To begin operation from 2022

Acquiring the NOC is the first stage, which is followed by a security background check after which an AoP is issued. Thereafter, the technical viability of the airline receives a safety clearance.

Rakesh Jhunjhunwala's Airline gets a nod from ministry; To begin operation from 2022
SHARES

On Monday, October 11, the Ministry of Civil Aviation gave a No Objection Certificate (NOC) to the Rakesh Jhunjhunwala-backed Akasa Air airlines, which is yet to launch.

As per reports, Akasa Air plans to offer flights across India starting the summer of 2022. However, the airline will now have to apply for the Directorate General of Civil Aviation for an operations permit.

Acquiring the NOC is the first stage, which is followed by a security background check after which an AoP is issued. Thereafter, the technical viability of the airline receives a safety clearance.

Meanwhile, Akasa Air is expected to be an ultra-low-cost airline, funded by stock marketeer Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dube. In addition, former CEO of IndiGo Aditya Ghosh is also associated with the venture.

While Jhunjhunwala has invested INR 247.50 crores in the airline, another big name of Dalal Street, Madhav Bhatkuly, founder of investment fund New Horizon, has also allegedly put in money into the company.

With the Tata Group winning the Air India bid last week, the aviation sector has been in the limelight. Moreover, Jhunjhunwala himself was in news too as photographs of his meeting with Prime Minister Narendra Modi went viral on social media. The details of the meeting were not known.

RELATED TOPICS
Advertisement
MumbaiLive would like to send you latest news updates