Rakesh Jhunjhunwala to partner with industry veterans to launch a new Airline

rakesh jhunjhunwala to partner with industry veterans to launch a new airline

Akas Air has applied to the Ministry of Civil Aviation for its No Objection Certificate (NOC) and is currently under review.

While the aviation sector is currently going through rough times due to the COVID restrictions, and Airlines are making losses, Indian Billionaire and well know investor Rakesh Jhunjhunwala is planning to launch a new airline with aviation industry veterans.

The Airline, which will be called "Akasa Air," will focus on more affordable air travel as he believes many more Indians who want to travel by flight will start travel from the new Airline. The Indian Airline sector already has very high competition, with major airlines giving heavy discounts to woo customers.

Akasa Air has applied to the Ministry of Civil Aviation for its No Objection Certificate (NOC) and is currently under review. Once the NOC is received, which is expected before 15 August, the Airline can start operations and receive its crucial Air Operators Certification (AOC).

"I have got some of the best airline people in the world as my partners. Someone who was No. 2 or 3 in Delta Airlines. Someone who headed IndiGo in India for 14 years. I've got a team. We've got the money. We are investing about $50 million in the Airline. I'll own around 40%.," said Jhunjhunwala in an interview with BloombergQuint. The carrier will start with 70 aircraft, making it one of the top five airlinesin India in terms of fleet size. The large fleet will allow Akasa to grow quickly and capture new routes.