Ace Investor & billionaire Rakesh Jhunjhunwala announced his new ultra-low-cost carrier (ULCC) airline in India named Akasa Airlines, along with some aviation industry veterans like Aditya Ghosh former President of Indigo Airlines, And former Jet Airways CEO Vinay Dube.
Rakesh Jhunjhunwala is supposed to invest about $35 million (around Rs 260 crore) and will be holding about 40% stake, other investors in Akasa include Airbnb and Par Capital Management – which has interests in US ULCC Sun Country Airlines, there will be many other investors on board too.
Akasa Airlines team is very bullish on India’s aviation prospects, and doing its groundwork during the entire pandemic 2020 and expecting a no-objection certificate (NOC) from the Aviation Ministry soon. The ultra-low-cost Akasa airlines plan to have a fleet of 70 aircraft in few years. the airline is looking at planes that can carry 180 passengers.
Although the aviation sector in India is struggling for the last many years Rakesh Jhunjhunwala is very bullish on the sector and told that there will be a huge demand in this industry in coming years in India.
This new venture could take to the skies by end of this year or early next year. this airline will focus on regional connectivity under the Udan Scheme Of Govt. Of India.
