New Delhi. Akasa Airlines, owned by stock market veteran Rakesh Jhunjhunwala, has received a No Objection Certificate (NoC) from the Ministry of Civil Aviation. SNV Aviation Pvt. Ltd. Akasa Air will operate under the brand name. According to information received from sources, Vinay Dubey will be the CEO of this newly formed company. It is worth mentioning that recently Prime Minister Narendra Modi had met Rakesh Jhunjhunwala.
Vinay Dubey, CEO, Akasa Air, said in a statement that we are very happy with the support received by the Ministry of Civil Aviation and the issuance of NOC and thank the government. We are continuously working with regulatory authorities to secure all necessary approvals for the successful launch of Akasa Air, he added.
Akasa Air and three other airlines had applied for NOC from the civil aviation ministry in August this year to start scheduled air passenger services and air cargo services.
Airbus in talks with Akasa on aircraft deal
Aircraft maker for Airbus aircraft deal Rakesh Jhunjhunwala The new airline backed is in talks with Akasa Air. Several media reports have said that Akasa is in talks with Boeing to buy its B737 MAX ship. The Boeing B737 series ships compete with the Airbus A320 series ships in the aviation market.
Akasa has inducted IndiGo chairman Aditya Ghosh on its board. The company aims to start its operations in the summer of 2022. The company aims to add 70 aircraft to its fleet in the next four years.
40% stake in new low-cost airline
Rakesh Jhunjhunwala is going to start a new low-cost airline venture with an investment of Rs 260.7 crore. Jhunjhunwala will hold 40 percent in the new airline. The NOC from the Ministry of Civil Aviation is the first approval. For further approvals, the team will have to prepare a business plan for which it will need finance.
However, Jhunjhunwala is known to bet on local entrepreneurs and has made small investments in the aviation industry in the past. He holds 1 per cent stake in SpiceJet and also has a 1% stake in Jet Airways, which has been closed since 2019. Expressing his confidence in the Indian markets, Jhunjhunwala has said that the uptrend in India will continue and inflation concerns in India are short term.
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