Rakesh Jhunjhunwala backed Akasa Air to take to the skies soon, 70 aircraft to be added in next 4 years

Rakesh Jhunjhunwala will own 40 per cent of Akasa Air and is expecting a no-objection certificate from the Aviation Ministry in the next 15 days. 

New Delhi: Ace Investor and billionaire Rakesh Jhunjhunwala is foraying into the aviation sector and is contemplating to invest $35 million to launch an ultra-low-cost airline Akasa Air. The airline will house 70 aircraft within the next four years while the aircraft can carry 180 passengers. Jhunjhunwala said in a Bloomberg TV interview that he is "very, very bullish on India’s aviation sector in terms of demand”. Jhunjhunwala will own 40 percent of Akasa Air and is expecting a no-objection certificate from the Aviation Ministry in the next 15 days. A former senior executive of Delta Air Lines Inc will also be associated with Jhunjhunwala's Akasa Air. Jhunjhunwala's airlines is launching at a time when the COVID-19 pandemic has had a massive impact on the Indian aviation sector. Major airlines have been facing big losses with rampant lay off of employees, sending them on leave without pay, or cutting their salaries being the harsh reality.