Billionaire Rakesh Jhunjhunwala plans new low-cost airline

He expects to get a no-objection certificate from India’s aviation ministry in the next 15 days.

Billionaire investor Rakesh Jhunjhunwala is planning on having 70 aircraft within four years for a new airline he wants to set up in India on optimism more people will travel by air.

 

Jhunjhunwala, who is considering investing $35 million and would own 40% of the carrier, expects to get a no-objection certificate from India’s aviation ministry in the next 15 days, he said.

 

The ultra-low cost airline will be called Akasa Air and the team, which includes a former senior executive of Delta Air Lines Inc., is looking at planes that can carry 180 passengers, he said.

 

However, Rakesh, whose estimated net worth of about $4.6 billion, remains undeterred, said, "I think some of the increment players may not recover. But I've got some of the best airline people in the world as my partners."

India Scanner News Network

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