With an investment of up to $35 million which is ₹260.7 crore, a new low-fare airline venture is been backed by India’s renowned invention investor Rakesh Jhunjhunwala, according to a report released by Moneycontrol.
While Jhunjhunwala might own as much as 40% of the stake in the new airlines, citing an anonymous source, the report added that including Jet Airways CEO Vinay Dube who is reportedly leading preliminary talks with a foreign investor along with Jhunjhunwala, the new airline is pursued by seasoned aviation professionals.
The airline is reportedly waiting on a no-objection certificate from the Ministry of Civil Aviation while it is tentatively named Akasa which means the sky.
While saying that India’s Bull market shall continue with the inflation in India is transitive, the ace investor Rakesh Jhunjhunwala has reimposed his faith in Indian markets. He had already owned over a 1% stake in SpiceJet along with 1% in Jet Airways which was shut down in 2019.
According to Rakesh Jhunjhunwala during an interview with CNBC TV18, he mentioned that he does not think there will be a third wave of COVID-19.
Reportedly making small bets in the aviation industry earlier, local entrepreneur, Rakesh Jhunjhunwala is known for his bets. He mentioned that with vaccination exercise picking pace along with the growing immunity, he doesn’t think that a third wave of the coronavirus infection is going to occur.
