Billionaire investor Rakesh Jhunjhunwala is planning on having 70 aircraft within 4 years for a new airline he wants to set up in India on optimism more people will travel by air. The ultra-low-cost airline will be called Akasa Air.

The airline team includes a former senior executive of Delta Air Lines. Jhunjhunwala, who is considering investing $35 mn & would own 40% of the carrier, expects to get a NOC from India’s aviation ministry in the next 15 days.

   

Billionaire Rakesh Jhunjhunwala to start new airline

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Billionaire investor Rakesh Jhunjhunwala is planning on having 70 aircraft within 4 years for a new airline he wants to set up in India on optimism more people will travel by air. The ultra-low-cost airline will be called Akasa Air.

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It’s a bold bet by Rakesh Jhunjhunwala, who’s known locally as India’s Warren Buffett, in a market that has seen some airlines collapse in the face of intense fare wars and high costs. Still, what was once the world’s fastest-growing aviation market holds an allure and Jhunjhunwala is looking at opportunities to woo flyers with a brand new carrier offering low fares.