Inaugural day costs for Bengaluru to Kochi are approximately Rs. Jhunjhunwala was a towering figure in India's financial world, and we commend his contribution to Indian aviation with the launch of Akasa Air. 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That is, a low-cost airline that only offers the most minimal amenities to its customers. Also his partners,IndiGo's Aditya Ghosh and Vinay Dube would help him strengthen the business as they already have a lot of knowledge about this industry. India's largest digital payment service Paytms CEO and founder Vijay Shekhar Sharmaon Wednesday reacted to the announcement made by billionaire Rakesh Jhunjhunwala that he was planning to set up a new ultra low-cost airlineby the name of Akasa Airlines. The 61-year-old billionaire investor had revealed plans of starting his own airlines within the next four years. According to sources, Jhunjhunwala did not interfere in the airline's technical matters, leaving them to be handled by other co-founders Dube, Aditya Ghosh and Belson Coutinho, who are seasoned aviation professionals. On June 21, 2022 in India, Akasa Air will take delivery of its first Boeing 737 max aircraft. The airlines is backed by billionaire investor Rakesh Jhunjhunwala and is all set to launch in July this year. Let us know in the comments! Download The Economic Times News App to get Daily Market Updates & Live Business News. New Delhi: Big bull Rakesh Jhunjhunwala is all set to fly high as his dream venture Akasa Air received its first aircraft, Boeing 737 Max - which is one of the most fuel efficient and greenest planes. At a very low cost, the upcoming Akasa Air will seize this domestic air ticket market. However in India, Akasa would be the first ultra low cost airline, and everyone wants to see what it serves. Speaking at the post-earnings conference call on July 27, IndiGos CFO Jiten Chopra said: The strength of our balance sheet is our biggest defense in the fight against Covid19 and we will continue to enhance this strength by focusing on cost reduction, liquidity enhancement and capacity addition. In a release, it said, "Deeply saddened to hear the shocking news of the passing away of ShriRakesh Jhunjhunwala. The companys first commercial flight will operate on the Mumbai-Ahmedabad route on August 7. It may be possible that once the airline starts operations and runs smoothly, it may extended it services internationally as well. The jacket was created by Delhi-based fashion designer Rajesh Pratap Singh and is modelled after an Indian bandhgala . Former CEO of Jet Airways and GoAir, Vinay Dube has extensive experience in the aviation sector (previously known as Go First). Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. You can find out more by clicking For further applications, the team needs to draw up a firm business plan for which it needs funds. In his interview with Bloomberg TV, Jhunjhunwala said: Im very bullish on the Indian aviation sector in terms of demand and I think some of the increment players will not recover. 3,483 (Saver) and Rs. Also read |Tata-owned Air India set to make one of the largest aircraft deals in history. The promoter of India's newest airline, the ultra low-cost Akasa Air, Jhunjhunwala appeared days ago at its public launch. A No Frills Airlines is a Low Cost Carrier. India might be looking at a new low-cost carrier entering the market next year. Recently Rakesh Jhunjhunwala-owned Akasa Air, India's newest airline started its commercial flight operations from August 7, 2022. Jhunjhunawala had invested $35 million in the LCC for an . Akasa has received its Max aircraft by mid-June according to its pre-determined schedule. What is Akasa Airline Brand LOGO and tagline? Additionally, with vaccination rollout gaining momentum, market participants expect the sector to bounce back. Sachsenheim Area. Currently, SpiceJets is valued Rs 74.15. SNV Aviation Private Limiteds Akasa Air is a low-cost airline with its headquarterin Mumbai, Maharashtra, India. He has partnered with IndiGo's Aditya Ghosh and Vinay Dube to launch the airline. The airline will be named Akasa, which translates to 'the sky,' and is currently applying for its No Objection Certificate (NOC) from the Ministry of Civil Aviation. 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Such cookies and other technologies helps us to identify you and your interests, to remember your preferences and to track use of zeenews.india.com We also use cookies and other tracking technologies to control access to certain content on our sites, protect the sites, and to process any requests that you make to us. For instance, we will recognize your user name and remember how you customized the sites and services, for example by adjusting text size, fonts, languages and other parts of web pages that are alterable, and provide you with the same customizations during future visits. GST revenue surges past Rs 1 lakh crore in economy uptick, Copyright 2022 The Indian Express [P] Ltd. All Rights Reserved. We at Akasa cannot thank Mr Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline. Nikhil Veda, head. Jhunjhunwala was a towering figure in Indias financial world, and we also commend his recent contribution to Indian aviation with the launch of Akasa Air.. Akasa Air: With the arrival of it's first aircraft, the Boeing 737 Max, Akasa Air, one of the most awaited airline chain is here and ready to take off. The management could potentially explore the option of finding another investor, though it remains to be seen who would be willing to invest such large amounts of money in the airline with the path to profitability yet to be established, a senior research analyst tracking aviation told Business Today requesting anonymity. While demand for air travel has been hit globally, India's aviation industry is at greater risk of delayed recovery, due to the looming risk of the third COVID-19 wave. Photo: Getty Images. It has eaten up capital over the past century like almost no other business because people seem to keep coming back to it and putting fresh money in. The other tracking technologies work similarly to cookies and place small data files on your devices or monitor your website activity to enable us to collect information about how you use our sites. However, because to the exorbitant cost of airline tickets, people in India are unable to accomplish this. Jhunjhunwala had also participated in IndiGo's IPO. The data collected by the sites and/or through Cookies that may be placed on your computer will not be kept for longer than is necessary to fulfil the purposes mentioned above. These cookies, for example, let us recognize that you have created an account and have logged in/out to access site content. Everyone is excited to travel in the ultra low cost airline, and to see will it prove to be a boom for the aviation sector. https://images.indianexpress.com/2020/08/1x1.png. Jhunjhunawala had invested $35 million in the LCC for an over 40 per cent stake. If you subscribe to a newsletter or otherwise register with the Sites, these cookies may be correlated to you. His enormous clout in the market also made him intimidating to a behemoth like IndiGo.. Aug. 14Akasa Air, India's newest airline which began its commercial operations exactly a week ago, on Sunday lost one of its co-founders, billionaire investor Rakesh Jhunjhunwala, who breathed . All this can bring a revolution in the aviation sector. Posted by: prashun talukdar, Aug 14, 2022, 3:07 PM IST, Rakesh Jhunjhunwalas one-liners prove he wasn't only the master of markets, From Rs 5,000 to over $5 bn: How Rakesh Jhunjhunwala became a rockstar investor. Jhunjhunwala, also known as India's Warren Buffett, is still looking at opportunities to woo flyers with a brand-new carrier offering low fares. Akasa Air is an upcoming ultra-low-cost Indian airline co-founded by billionaire and stocks trader Rakesh Jhunjhunwala and former Jet Airways CEO Vinay In October 2021, Akasa Air received a 'no objection certificate' (NOC) from the Ministry of Civil Aviation. Rakesh Jhunjhunwala Akasa Airline. Akasa is an upcoming "ultra low-cost carrier", or ULCC, being launched by stock market investor Rakesh Jhunjhunwala, who will hold a 40% stake in the airline company. pic.twitter.com/aUENObiPCz. The stake of Rakesh Jhunjhunwala will be 40% in the airline. In July 2021, he invested in Akasa Air, a low-cost airline in India, investing 400 million dollars for a 40% stake in the airline. The RJ-backed new entrant is likely to take off its first flight by the end of July 2022. May God give them the strength to tide over this colossal loss. It is to be noted that Akasa Air started its operations on the same day by successfully completing its inaugural flight. Better Dividend Paying Stocks, best dividend paying Save my name, email, and website in this browser for the next time I comment. His background in political science and economics gives him unique insight into issues surrounding international travel and governmental regulations. It was founded in December 2021. It was only last week that the airline took delivery of its first 737 Max aircraft from Boeing in Seattle. The legendary investor is often described as the Warren Buffett of India (a comparison he disagrees with) and is known for its bullish outlook on the Indian markets. E. Subscribe on YouTube. If you want to remove previously-stored cookies, you can manually delete the cookies at any time from your browser settings. Akasa air has finally arrived, with its first plane, Boeing 737 Max landing in Delhi. Akasa air's vision is that "the Sky embraces everyone, and so air travel should be inclusive and affordable for all." Rakesh Jhunjhunwala is famous for his successful stock investments. Akasa Air to operate flights on Bengaluru-Kochi and Bengaluru-Mumbai routes. Tags- Rakesh Jhunjhunwala Akasa Airline name?, Rakesh Jhunjhunwala Akasa Airline Route, Rakesh Jhunjhunwala Akasa Airline Ticket price, Rakesh Jhunjhunwala Akasa Airline first flight price, Rakesh Jhunjhunwala Akasa Airline tagline, Rakesh Jhunjhunwala Akasa Airline business class fare, Rakesh Jhunjhunwala Akasa Airline CEO, Rakesh Jhunjhunwala Akasa Airline operation date, Rakesh Jhunjhunwala Akasa Airline details, Rakesh Jhunjhunwala Akasa Airline official webite, Rakesh Jhunjhunwala Akasa Airline, Rakesh Jhunjhunwala Akasa Airline Facts, Rakesh Jhunjhunwala Akasa Airline FAQ, Rakesh Jhunjhunwala Akasa Airline Future. Everything depends on when and how much money they can raise. Akasa Air is an upcoming low cost airline. In the ULCC airline business model, the company focusses on keeping operating costs even lower than typical budget airlines like IndiGo and SpiceJet. Various airlines, in their condolence messages to Akasa, paid tribute to Jhunjhunwala. Backed by billionaire Indian investor Rakesh Jhunjhunwala and his partners, IndiGo's Aditya Ghosh and Vinay Dube, it is all set to start operations in July. Akasa Air plans to fly 18 aircraft by the end of March 2023 across domestic routes in the country. The ace investor who inspired millions - Mr Rakesh Jhunjhunwala will remain a legend forever, its statement read. The companys planes will have only one class and no business class. It hasrecently received its code from the Director General of Civil Aviation (DGCA)and will be called 'QP'. IndiGo: Our thoughts and prayers are with the family of Mr. Rakesh Jhunjhunwala for their tragic loss. Our thoughts and prayers are with Mr Jhunjhunwala's family, friends, and admirers. More recently, his company Berkshire Hathaway had once again invested in airlines in 2016. We (Akasa Air) took 12 months. We use session cookies to help us track internet usage as described above. If you require any information or clarification regarding the use of your personal information or this privacy policy or grievances with respect to use of your personal information, please email us at response@zeemedia.esselgroup.com. Explained: What is Akasa, the new airline looking at Indian skies? Also read. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered. Sachsenheim Geography. According to the report, the prospective airline, Akasa Air, will be acquiring its . How much will Akasa Air tickets cost? In July 2021, Rakesh Jhunjhunwala purchased a 40% stake. Persistent Cookies Zeenews.com use cookies and other technologies to store information in your web browser or on your mobile phone, tablet, computer, or other devices (collectively "devices") that allow us to store and receive certain pieces of information whenever you use or interact with our zeenews.india.com applications and sites. Without these essential cookies we may not be able to provide certain services or features and our site will not perform as smoothly for you as we would like. The aim is to start the airline by the middle of next year.". However, if you select this setting you may be unable to access certain parts of the sites. are expected to face further pressure. Jhunjhunwala plans to invest up to $35 million (260.7 crores) in the low-cost airline for a 40% stake. In the coming days, Akasa Air's strategy will be to start operations from tier-2 and tier-3 cities and avoid highly competitive metro-to-metro routes, they noted. We use persistent cookies to improve your experience of using the sites. We (Akasa Air) took 12 months. "Nowhere in the world has an airline been conceived and born in 12 months," he had said. Stock market investor Rakesh Jhunjhunwala will hold a 40 per cent stake in the airline (File Photo), What Ambedkar said about Buddhism 'being better than Marxism', Why the G7's oil price cap is unlikely to impact Russia. Akasa Air is a low cost airline and started its operations at a time when the Indian aviation industry is trying to regain the lost confidence after coronavirus. The founders of Akasa airline are Vinay Dubey and Rakesh Jhunjhunwala. zeenews.india.com understands that your privacy is important to you and we are committed for being transparent about the technologies we use. Akasa Air: In a statement, CEOVinay Dubesaid that the now-deceased investor had an 'invincible spirit'. Brokerage firm JM Financial has a reiterated a 'sell' rating on Indigo on the back of increasing competitive intensity in the airlines industry. Billionaire Rakesh Jhunjhunwala's plan to launch an ultra-low-cost airline could give planemaker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet . When it comes to a timeline, Akasa is hoping to launch operations by the middle of 2022. The uniform was specifically created for Akasa Air and is comprised of polyester that has been recycled from marine trash (Uniform made of ocean waste). While Dube is expected to be the CEO of the company, Ghosh is expected to be on the board as Jhunjhunwalas nominee. Air India: The Tata Sons-owned carrier described his death as a colossal loss. #FlyAI: Deeply saddened to hear the shocking news of the passing away of Shri Rakesh Jhunjhunwala. Our thoughts and prayers are with the family of Mr. Rakesh Jhunjhunwala for their tragic loss.Mr. Big Bull Rakesh Jhunjhunwala to foray into aviation sector with low-budget 'Akasa Air', plans to add a fleet of 70 aircraft in 4 years. Hell be missed.#Rakeshjhunjhunwala pic.twitter.com/uHj2K24l3d. His belief that a third wave of COVID-19 is unlikely in India goes against other airlines' views but explains his rationale to invest in a new airline right now. The airlines tagline, Its Your Sky, emphasises Akasas commitment to embracing all people and fostering an inclusive environment for all Indians, regardless of their socioeconomic and cultural backgrounds. For instance, Rakesh Jhunjhunwala raked in Rs 102 crore in 2019 by investing only Rs 13 crore in SpiceJet. What exactly is this Akasa airline? It consists of the 737 MAX familys 737-8 and 737-8-200 versions. However there is a neck-to-neck competition between both of them, on which one is better. In July 2021, Indian billionaire stock investor Rakesh Jhunjhunwala invested $35 million for a 40% stake in the airline. The third-party service providers that generate these cookies, such as, social media platforms, have their own privacy policies, and may use their cookies to target advertisement to you on other websites, based on your visit to our sites. Come with extra cushioning. Vistara: "Vistara family extends its deepest condolences on the untimely demise of MrRakesh Jhunjhunwala. Akasa Air will honour Mr. Jhunjhunwala's legacy, values and belief in us by striving to run a great airline," it read. While Jhunjhunwala seems to be winning right now, only time will tell which billionaire got it right for the long term about the tricky aviation sector. Praveen Iyer, a former Chief Commercial Officer (CCO) of GoFirst and Flight Operations, was among them. this link. With a 40% stake in Akasa airlines, Rakesh Jhunjhunwala is now vent. With the 2019 closure of Jet Airways, a potential disinvestment of Air India, and the weakened position of other existing players, the airlines industry is facing a threat of consolidation of market share with the major players. Jhunjhunwala, on the other hand, has always been a strong proponent of the aviation sector. Vinay Dubey, CEO, Akasa Air says that Akasa Air wants to launch the countrys most reliable, affordable and eco-friendly airline for Indians. Indian billionaire Rakesh Jhunjhunwala has often been compared to American magnate Warren Buffet for his investment acumen. Mr Jhunjhunwalawas a towering figure inIndia'sfinancial world, and we commend his contribution to Indian aviation with the launch ofAkasa Air. After obtaining its first Boeing 737 MAX aircraft, the airline launched its commercial operations on August 7, 2022, with its initial flight service between Mumbai and Ahmedabad. CAPA said that it expects Indian airlines to lose a consolidated $4.1 billion in FY2022, similar to that in FY2021. In addition to Akasa, the relaunch of Jet Airways will also be key, primarily on the expectation that the two entrants will look to aggressively pursue market share in the initial days. Jhunjhunwala has reportedly planned to launch the airline by April 2022, and has onboarded aviation industry veterans such as former Jet Airways CEO Vinay Dube and ex-IndiGo President Aditya Ghosh to run the airline. The airline Akasa Air, owned by Rakesh Jhunjhunwala, has a code. "Our thoughts and prayers are with the family of Mr. Rakesh Jhujhunwala at the time of their tragic loss," IndiGo said. The NOC will be held by SNV Aviation . With the Directorate General of Civil Aviation giving its nod to 737 Max planes in August 2021, Akasa Air signed a deal with Boeing on November 26 last year to purchase 72 Max aircraft. Rakesh Jhunjhunwala-backed Akasa Air reveals first pictures of its first aircraft, airlines to launch in July Tue, May 24, 2022 Akasa Air recently revealed the first pictures of its aircraft. Akasa Air will honour Mr Jhunjhunwalas legacy, values and belief in us by striving to run a great airline. AirIndia: TheTata Sons-owned carrier described his death as a 'colossal loss'. Currently, little is known about Akasa, its fleet, network. The airline, which is the newest entrant in the highly competitive Indian aviation market, has started operations at a time when competition is quite fierce among Indian carriers as they are in a recovery phase post COVID-19, they mentioned. Aviation Minister Jyotiraditya Scindia had virtually inaugurated the first flight of the airline from Delhi: Official Twitter. In a release, it said, Deeply saddened to hear the shocking news of the passing away of Shri Rakesh Jhunjhunwala. Berkshire had acquired significant stakes in Delta Air Lines, United Airlines, American Airlines and Southwest Airlines, spending around $7-8 billion in the process. Unveiling The Rising A of Akasa AirInspired by elements of the sky, The Rising A symbolises the warmth of the sun, the effortless flight of a bird, and the dependability of an aircraft wing. The Mumbai-based investor will pump in $35 million, according to a Bloomberg report, and is planning to have a fleet of 70 planes over the next four years. Rakesh Jhunjhunwala, who held 40 per cent stake in Akasa Air, appeared publicly for the last time at the airline's inaugural flight between Mumbai and Ahmedabad on August 7. For more information on the development of user-profiles and the use of targeting/advertising Cookies, please seewww.youronlinechoices.euif you are located in Europe orwww.aboutads.info/choicesif in the United States. A cookie is a small text file that can be stored on and accessed from your device when you visit one of our sites, to the extent you agree. What routes will Akasa Airlines offer? Rakesh Jhunjhunwala, who held 40 per cent stake in Akasa Air, appeared publicly for the last time at the airline's inaugural flight between Mumbai and Ahmedabad on August 7. Rakesh Jhunjhunwala is also known for his successful investments and hence everyone is looking forward to his airlines. Indian carriers, just like their global carriers, were battered by the pandemic, which had curtailed air travel drastically. The airline plans to launch operations in the 2022 summer. Concor Suitors Seek Clarity Over Shareholder Rights, E-auction for RCap Later this Month; Base Bid at 5,231 Cr, Premium Models Drive Car, TV, Smartphone Sales in Diwali Season, Analysts divided over India's largest airline as Jhunjhunwala, others look to fly high, Terms of Use & Grievance Redressal Policy. Visit the Hindustan Times (New Delhi) at www.hindustantimes.com. The Government of India is providing almost no direct support; lenders have by and large closed their doors to airlines, even for restructuring purposes; and lessors will soon have no option but to start applying pressure on defaulting airlines. From August 13, the airline will also begin service on the, Bookings can be made via the mobile app, the website (, A cursory look at its website reveals that a seat on the, The website also indicates that the flight from. As of September 2022, the new airline has 8 aircraft and flies to 8 cities. It was not only one of his last major investments but something very close to his heart. Also read:Rakesh Jhunjhunwalas one-liners prove he wasn't only the master of markets, Also read: From Rs 5,000 to over $5 bn: How Rakesh Jhunjhunwala became a rockstar investor, Copyright2022 Living Media India Limited. Vinay Dube,Founder,Akasa Air, said, The arrival of our first aircraft is a very happy moment for all of us and marks an important milestone, bringing us closer to our vision of building Indias greenest, most dependable, and most affordable airline". According to Forbes Rakesh Jhunjhunwala has an estimated net worth of about $4.6 billion. It will start operating services on the Bengaluru-Mumbai route and Chennai-Mumbai route on August 19 and September 15, respectively. Akasa Air will operate regular flights on the Chennai-Mumbai route from September 15. India's billionaire investor Rakesh Jhunjhunwala is planning to start a budget airline with a fleet of 70 planes. What does it mean? It flew all the way from Seattle in the United States. IndiGo: "Our thoughts and prayers are with the family of Mr.Rakesh Jhunjhunwalafor their tragic loss. These cookies let us operate the sites in accordance with the choices you make. 'Goblin Mode' is Oxford's Word of the Year for 2022. We cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline Akasa Air will honour Mr. Jhunjhunwalas legacy, values and belief in us by striving to run a great airline, said Dube in a statement. Akasa Air informed CERT-In about the breach Photograph:(Twitter), Tata-owned Air India set to make one of the largest aircraft deals in history, International Air Transport Association says aviation industry's return to profit is 'within reach' in 2023. Hindi share prices for Akasa Air and Akasa Airline India, etc. Akasa has also lined up another foreign investor for fundraising, according to sources. On the other hand, Warren Buffet, the CEO and Chairman of Berkshire Hathaway, has famously been critical of airline stocks. May his soul rest in peace," the airline said on Twitter. This cookie policy should be read together with ourPrivacy Policy. With him gone, Akasa will be under tremendous stress and may turn out to be a different animal than what was originally envisaged. . Although wheelchair-bound, Jhunjhunwala in his inimitable style had quipped that even before launching the airline had forced competitors to take notice of the product. The airline plans to operate approximately 70 planes in the next four years and has placed an order of72 Boeing 737 Max aircraft. Akasa Air will use the flight number QP. #BigBull #RakeshJhunjhunwala #Jhunjhunwala #RJ #Markets #Stocks #NSE #BSE #Nifty #SensexRakesh Jhunjhunwala talks about his last project before his demise. Rakesh Jhunjhunwala, who held 40 per cent stake in Akasa Air, appeared publicly for the last time at the airline's inaugural flight between Mumbai and Ahmedabad on August 7. These aircraft will be from metro cities to tier-2 and tier-3 cities. On the other hand, Warren Buffet, the CEO and Chairman of Berkshire Hathaway, has famously been critical of airline stocks. . The CEO of Akasa Air, Vinay Dube, stated that Akasa's goal is to have 18 . Non-essential features like in-flight entertainment, in-flight meals, and business class seating are spared in order to keep air travel affordable for passengers. What is her net worth? Drishyam 2 Overall Collection: Ajay Devgn, Tabu-starrer film cruises towards Rs 200 crore mark. Please note that if your browser setting is already setup to block all cookies (including strictly necessary Cookies) you may not be able to access or use all or parts or functionalities of our sites. It will start its work in the coming March 2022. Our thoughts and prayers are withMr Jhunjhunwala'sfamily, friends, and admirers. Follow trending topics. Fast & Free job site: Fuhrparkdisponent job Sachsenheim Baden-Wrttemberg Germany, Maintenance/Cleaning jobs Baden-Wrttemberg Germany. India Dot Com Private Limited. There were rumours that Vinay Dhobi, the former CEO of Jet Airways and GoFirst, planned to start a new low-cost carrier in India during the month of March 2021. Akasa Air recently made an order for 72 Boeing 737 MAX aircraft, including the 737-8 and the larger 737-8-200 models from the 737 MAX series. 48 57 36 North, 9 3 53 East. By continuing to use the site, you agree to the use of cookies. Im very, very bullish on Indias aviation sector in terms of demand,the latterstated, adding that for the culture of the aviation firm to be frugal youve to start off fresh.The billionaire is looking to launch hisultra-low-cost airline takingaformer senior executive of Delta Air Lines Inc. onboard his venture. Likewise, if you share any content on this website through social networks (for example by clicking a Facebook like button or a Tweet button) you may be sent cookies from these websites. Always moving upwards. Talking about food, passengers will get packed food which will have to be kept in hot water for a few minutes. Rakesh Jhunjhunwala to invest $35 mn for 40% stake as new airline with 70 planes to take off, Rakesh Jhunjhunwala trims stake in Tata Motors, Is Warren Buffett losing his edge to age? If you have any other questions about our Cookie Policy, please contact us at: Though Buffet managed to get his money back along with some dividends, the stock never appreciated as predicted. Watch |Report: Air India considers buying 300 planes. GoAir, which has filed papers for its initial public offering, recently rebranded itself to GoFirst and plans to revamp its business model to become a ULCC. Various airlines, in their condolence messages to Akasa, paid tribute to Jhunjhunwala. This includes recording your acceptance of our cookie policy to remove the cookie message which first appears when you visit our site. Massive, perennial losses have created a debt trap which has resulted in most airlines having very limited means of recapitalisation. Jhunjhunwala has plans to invest close to $35 million in the aviation industry with his new airlines and expects a no-objection certificate from the aviation ministry within the next 15 days. These cookies collect information about your activities on our sites as well as other sites to provide you targeted advertising. While no announcement has been made in this regards, it is expected thatAkasa air will serve the major domestic routes with a verylow cost to attract the potential flyers. Photo: Getty Images, India May See A New Low-Cost Carrier Backed By Investor Rakesh Jhunjhunwala, Simple Flying discussed a new airline being pursued by Dube, case to be made for starting an airline during the pandemic. Akasa Air, India's newest airline which began its commercial operations exactly a week ago, on Sunday lost one of its co-founders, billionaire investor Rakesh Jhunjhunwala, who breathed his last . India Dot Com Private Limited. This will depend on how fast the airline can raise funds and receive its AOC from the government. This is the first of many steps to officially launching the airline and receiving the crucial Air Operators Certificate (AOC). These cookie are essential to our site in order to enable you to move around it and to use its features. 2022. Everyone is waiting for the official announcement from the airlines. THIS VIDEO ONLY FOR MOTIVATIONAL PURPOSE AND IMPROVE TRADING QUALITY#rakesh jhunjhunwala#rakesh jhunjhunwala passed away#rakesh jhunjhunwala news# rakesh jhu. Akasa Air, India's newest airline which began its commercial operations exactly a week ago, on Sunday lost one of its co-founders, billionaire investor Rakesh Jhunjhunwala, who breathed his last at the age of 62 at his residence in Mumbai. Rakesh Jhunjhunwala, Indias well-known investor, is planning to launch a budget airline with a fleet of 70 aircraft. Startup Akasa is backed by legendary investor Rakesh Jhunjhunwala and will be run by former Jet Airways CEO Vinay Dube. "Our thoughts and prayers are with Mr Jhunjhunwala's family and friends. While his charisma, advice and fund pulling abilities will be missed, he has ensured that the company is professionally run and will survive and prosper in his absence, observed the head of retail research at HDFC Securities, Deepak Jasani. The leadership of known faces will help the carrier during its early stages and when flights take off next year. "We at Akasa cannot thank Mr Jhunjhunwala enough for being an early believer is us and putting his trust and faith in us to build a world-class airline. In March, Simple Flying discussed a new airline being pursued by Dube. If you do not want cookies to be dropped on your device, you can adjust the setting of your Internet browser to reject the setting of all or some cookies and to alert you when a cookie is placed on your device. Jhunjhunwala has reportedly planned to launch the airline by April 2022, and has onboarded aviation industry veterans such as former Jet Airways CEO Vinay Dube and ex-IndiGo . 6,675. While the detailed plans for both the airlines are being finalised, it has underscored investor appetite in the airlines segment at a time when the existing players are in the red because of muted travel demand during the pandemic. Shares of Indigo have retreated 32 per cent from their 52-week high, whereas SpiceJet has plunged as much as 55 per cent from their latest peak. 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