Vinay Dube | Business Upturn

Rakesh Jhunjhunwala backed Akasa Air planning to launch in June

Sathvika Chelakani — Fri, 25 Mar 2022 14:00:52 +0000

Akasa Air, which is backed by Rakesh Jhunjhunwala, plans to launch its first commercial flight in June, according to Vinay Dube, the airline’s co-founder and CEO.

Dube stated at Wings India 2022 that his airline is working with the Ministry of Civil Aviation (MoCA) and the Directorate General of Civil Aviation (DGCA) to complete all necessary processes.

Last October, SNV Aviation Private Limited, which operates Akasa, received a no-objection certificate (NOC) from the government. After obtaining a NOC, it usually takes another six months for an airline to obtain an Air Operator’s Permit (AOP). “We hope to have 18 aircraft on the ground in a year and 12-14 aircraft a year after that,” Dube said.

Akasa, which will operate as a low-cost carrier, has ordered 72 Boeing 737Max aircraft. It expects to receive the first batch of aircraft in the coming months.

The Rakesh Jhunjhunwala-backed carrier, which is bullish on the country’s civil aviation sector’s long-term growth potential, aims to have 18 planes in its fleet by the end of March 2023.
Despite the fact that COVID clouds continue to cast a shadow on the airlines, Akasa Air CEO Vinay Dube is more than optimistic, claiming that “the long term future of commercial aviation in India is as exciting as anywhere in the world.”

During a video call with PTI, Dube stated that the Indian aviation pie is expanding, and the idea behind Akasa Air is to examine what we are currently facing.

Rakesh Jhunjhunwala’s Akasa Airlines obtains NOC from the Aviation Ministry, operations to begin from 2022

Ayisha Farah — Mon, 11 Oct 2021 15:02:42 +0000

Rakesh Jhunjhunwala’s Akasa Airlines has obtained the NOC from the Aviation Ministry. SNV Aviation Pvt Ltd will operate under Akasa Air’s brand name, and Vinay Dube will be the CEO, reported CNBC- TV 18.

Money control has confirmed the same, and the low-cost airline supported by former Jet Airways chief executive officer Vinay Dube will now address the Directorate General of Civil Aviation (DGCA) for its Air Operator’s Permit.

“We are extremely happy and grateful to the Ministry of Civil Aviation for their support and for the grant of the NOC. We will continue to work with the regulatory authorities on all additional compliances required to successfully launch Akasa Air,” Dube, now CEO of Akasa Air, said in a press release.

The company added to its statement that the airline is seeking to begin operation in India by the summer of 2022. Akasa Air and three other airline companies appealed for no-objection certificates from the civil aviation ministry to begin registered air passenger services and air cargo services in August.

According to reports, Akasa Air is in discussions with Boeing and Airbus for purchasing aircrafts. Earlier on July 28, reports surfaced that Jhunjhunwala planned on holding 70 planes in four years for a new airline investment that he has decided to sponsor. Jhunjhunwala is assumed to own almost 40 per cent of the stake in the new airline and is contemplating investing $35 million in the enterprise.

Ex-President of domestic carrier Indigo, Aditya Ghosh, will be the co-founder of Akasa, Jhunjhunwala and former Jet Airways CEO Vinay Dube. Apart from Jhunjhunwala, other investors incorporate Airbnb and Par Capital Management, which has investments in US ULCC Sun Country Airlines. Other vital posts at Akasa will see former Jet Airways senior VP Praveen Iyer take up the COO position.

In contrast, former GoAir revenue management VP Anand Srinivasan will be CTO, and former Jet flight operations VP Floyd Gracious will probably have a similar position. Industry veteran Neelu Khatri is being charged as head of corporate affairs.

GoAir appoints Kaushik Khona, CEO with immediate effect, Vinay Dube ceases to hold post

Chittesh Dalmia — Fri, 14 Aug 2020 11:58:56 +0000

GoAir today announced that Vinay Dube has ceased to be its CEO, and has been replaced by Kaushik Khona, who returns to the post after nine years.

Vinay Dube, the former CEO of Jet Airways, had joined GoAir in February 2020. Initially, he served as an advisor to the carrier.

“Vinay Dube has ceased to be in the employment of GoAir with immediate effect and hence ceases to be the CEO of the Company,” the airline said on August 14.

The company added that its Nominations & Remuneration Committee and the Board met on Friday, and appointed Khona as CEO with immediate effect.

Kaushik Khona was the CEO of GoAir for two years, from April 2009. He was also Vice President, corporate finance and strategist for the Wadia Group. Khona is currently a partner at M/s. Talati & Talati LLP, involved in areas of business turnaround and restructuring.

GoAir’s statement acknowledges Khona’s contribution, stating he “turnaround several businesses at Dunlop tyre group including at diverse geographies at Germany, UK and India. He also successfully carried out extensive corporate restructuring for a Shipping Venture and a financial and business restructuring for a German – India JV in renewable energy.”