Indian Billionaire Rakesh Jhunjhunwala investor plans 70 planes for new airline called “Akasa Air”

Mumbai: Billionaire investor Rakesh Jhunjhunwala is planning to have 70 aircraft within four years for a new airline that he wants to set up in India. The new airline, to be called ‘Akasa Air and the Team’, will be a low-cost airline that can seat up to 180 passengers.

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Billionaire investor Rakesh Jhunjhunwala is planning to have 70 aircraft within four years for a new airline he wants to set up in India on hoping that more people will travel by air.

Jhunjhunwala, who is looking at investing $35 million and will own 40 percent of the carrier on akasa air and team that is ultra low cost airline,where passengers will get reservations in low cost

Akasa Air will be a low-cost carrier with a fleet of 70 planes, to be acquired over next four years.#RakeshJhunjhunwalahttps://t.co/jqNRJfxTyR

— CNBC-TV18 (@CNBCTV18News) July 28, 2021

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On wednesday, Jhunjhunwala during an interview with Bloomberg TV said that he is expecting a no-objection certificate from the government in the next 15 days for his airline.

He said the ultra-low cost airline would be called Akasa Air and the team, which includes a former senior executive at Delta Air Lines Inc., is looking at planes that can carry up to 180 passengers.

This has been termed as a bold move by the report, in which Jhunjhunwala is taking a risk in a pandemic-stricken time where most other airlines are struggling for water. All this against the backdrop of high cost of aviation industry in India. According to reports, Jhunjhunwala is looking to enter this big market with a new name and lower fares, hoping to attract customers.

While giving an interview with Bloomberg TV he said “Company Culture To be frugal, you have to start anew.” He then added, “I am very, very optimistic on India’s aviation sector in terms of demand.”

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The big players are still struggling on the subject of the competition. Vistara, which is jointly owned by the Tata Group and Singapore Airlines Ltd, is looking to delay the delivery of its planes and possibly change its payment timetable, according to reports. Parallelly, India’s largest sustainable airline, Indigo, had reported losses that exceeded their expectations due to the pandemic-induced disruptions, a Bloomberg Quint report said.