Billionaire Rakesh Jhunjhunwala Plans New Low-Cost Airline Known As ‘Akasa Air’

Billionaire Rakesh Jhunjhunwala Plans New Low-Cost Airline Known As ‘Akasa Air’

Often known as India’s Warren Buffett, billionaire Rakesh Jhunjhunwala is keen to launch 70 aircraft for a new airline. Jhunjhunwala plans to call this airline Akasa Air while investing $35 million for 40 per cent of the airline. 

Jhunjhunwala is currently awaiting a no-objection certificate from the Ministry of Civil Aviation which is expected to arrive over the next 15 days. The team of Akasa Air will consist of a former senior executive from American airline Delta Air Lines, Inc, Jhunjhunwala said while speaking to Bloomberg

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The airline will operate planes that can ferry 180 passengers at a time. “I’m very, very bullish on India’s aviation sector in terms of demand,” the billionaire investor said. 

The aviation industry in India has been suffering long before the COVID-19 pandemic. However, Jhunjhunwala is looking to breathe new life into the market with low-fares to attract flyers. Recent trends indicate that a potential third wave of the coronavirus could hit the aviation industry harder.

But these factors aren’t holding the investor back. “I’ve got some of the best airline people in the world as my partners,” Jhunjhunwala said. 

Forbes says Rakesh Jhunjhunwala has an estimated net worth of $4.6 billion. 

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