Rakesh Jhunjhunwala’s new flight, preparing to bet on the airline company, told his complete plan

The country’s veteran billionaire investor Rakesh Jhunjhunwala is about to make a big bet in the aviation sector. Rakesh Jhunjhunwala has told that he wants to start a new airline company.

What is the plan: In an interview given to Bloomberg TV, Rakesh Jhunjhunwala has given detailed information about his new plan. He told that there is a plan to build an airline of 70 aircraft in the next 4 years. Jhunjhunwala is looking at investing around $35 million in the new airline company. Through this investment, there is a plan to take 40 percent stake in the airline company.

What will be the name: According to Rakesh Jhunjhunwala, the ultra-low cost airline will be called Akasa Air. The airline team also includes a former senior executive of Delta Air of America. This team is looking at such planes which can seat 180 passengers. Rakesh Jhunjhunwala is expected to get the No Objection Certificate from the Ministry of Civil Aviation, Government of India in the next 15 days.

Rakesh Jhunjhunwala is making these bets at a time when the aviation sector is completely battered due to Corona. Even before the Corona pandemic, India’s airline companies were struggling. Kingfisher, once the country’s second largest domestic airline, ceased operations in 2012. At the same time, Jet Airways India Limited has also had to be closed for two years due to huge losses. Apart from this, airline companies like Indigo and SpiceJet are also in loss. Due to the third wave of Corona, this sector may be affected once again in the coming times.