Rakesh Jhunjhunwala-backed Akasa Air to fly from summer 2022
- Reportedly, Jhunjhunwala has invested ₹247.50 crore in the airline and is expected to own nearly 40% stake in the new airline.
- Industry veterans
Aditya Ghosh, former president of domestic carrier Indigo and former Jet Airways CEO Vinay Dubeare working together to kickstart the airline by next summer.
- Akasa is the brand name of
India’s aviation industry is getting hotter day by day. The government has reportedly given a go ahead to
View all Offers
View all Offers
- 67% OFF
Qube By Fort Collins Men's Parka Coat (210BAQ_Cactus_Medium)₹ 956₹ 2599Buy On
- 70% OFF
Qube By Fort Collins Women's Parka Coat (43310AZ_Beige_Extra Large)₹ 2099₹ 2099Buy On
- 6% OFF
NEWPORT Mens Regular Fit Sweatshirt Black₹ 450₹ 1799Buy On
- 30% OFF
Jockey Men's Snug Fit Thermal Long Johns 2420_Off White_L₹ 502₹ 639Buy On
Amazon Brand - Symbol Men's Regular Polo Shirt₹ 329₹ 1199Buy On
Last week, one of India’s biggest conglomerates, Tata Sons, had bought national carrier Air India from the government.
As per reports, Jhunjhunwala has invested ₹247.50 crore in the airline and is expected to own nearly 40% stake in the new airline.
AdvertisementIndustry veterans Aditya Ghosh, former President at Indigo will be a co-founder of Akasa Air, along with Jhunjhunwala and Vinay Dube, former chief executive officer (CEO) at Jet Airways.
“A number of airlines in India went bust because they did not have the right leadership. This is not the case with Akasa Air, which is led by industry veterans such as Dube and Ghosh. There is buoyancy in the market, which the airline can capitalise upon. Jet Airways' closure created room for a new pan India airline and Akasa Air could get the first mover advantage,” said aviation expert Manoj Chacko to Business Standard.
According to reports, Akasa Air is in talks with Boeing and Airbus for buying aircraft. Reports say Jhunjhunwala is planning to have 70 planes in four years for the new airline venture.
Akasa is the brand name of SNV Aviation. Akasa will be in close competition with Indigo as it seeks to follow an ultra-low-cost carrier (ULCC) model in India that is currently dominated by IndiGo.
The low-cost airline has secured the crucial no-objection certificate (NOC) from the civil aviation ministry and expects to start operations next summer of 2022.
“We are extremely happy and grateful to the Ministry of Civil Aviation for their support and for the grant of the NOC. We will continue to work with the regulatory authorities on all additional compliances required to successfully launch Akasa Air,” Dube, CEO of Akasa Air said in a press release.
AdvertisementReportedly, Akasa Air and three other airline companies had applied for no-objection certificates from the ministry to start operations.
SEE ALSO: Cyrus Mistry's Sterling & Wilson was at the right place at the right time for Mukesh Ambani's green energy ambitions
Tata Motors, Vodafone Idea, Future Group and other hot stocks on October 12 as Nifty wades through uneasiness
AdvertisementInfosys may beat TCS earnings even with lower deal wins in September quarter
Popular on BI
- Amazon Great Republic Sale: Top deals on recliners, sofas and more home furnishing items
- Best fashion and beauty deals during Amazon sale
- Amazon Great Republic Day Sale — Best audio deals on headphones, speakers
- GST on salaries? A new ruling can cause a lot of confusion and litigation
- Nykaa's rival Purplle raises $38 million from Pantaloon’s CEO, Sequoia