As Indian billionaire plans new airline, Boeing hopes for orders

Rakesh Jhunjhunwala’s plan with former CEOs of IndiGo, Jet Airways comes as India is seen as a hot market for planemakers.

Indian 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 Airways, two years ago, industry executives say. Jhunjhunwala, known as “India’s Warren Buffett” for his successful stock investments, plans to team up with the former CEOs of IndiGo, the country’s biggest carrier, and Jet Airways to tap into demand for domestic air travel. While Jhunjhunwala’s proposed Akasa Air comes at a time when India’s aviation industry is reeling from the impact of the COVID pandemic, which has seen airlines losing billions of dollars, the sector’s long-term prospect makes it a hot market for planemakers Boeing and Airbus.