Rakesh jhunjhunwala to support new cheap airlines, can have up to 40 percent of the shares: report
India’s famous investor Rakesh Jhunjhunwala reportedly supports new low-airline businesses with an investment of up to $ 35 million (Rs 260.7 Crore), a report in economic time.
The airlines that were just pursued by experienced flight professionals including the CEO of Jet Airways Vinay Dube which reportedly led initial talks with Jhunjhunwala and foreign investors, the report added by quoting anonymous sources. Jhunjhunwala can have as many as 40 percent of shares in the new airline.
Monyecontrol cannot independently verify the report.
The airline is tentatively named ‘Akasa’ which means sky, reportedly waiting for a certificate without objections from the Civil Service Ministry. “NOC The airline is just the first approval. For further applications, the team needs to develop a business plan company that requires funds. Everything depends on when and how much money they can ask. The goal is to start the airline. In the middle of next year,” said Industrial sources to this publication.
With the second wave of Covid-19 and the threat of the third wave of towering infections, the aviation industry has seen losses in more than a year. However, Jhunjhunwala was known for its bets on local entrepreneurs and reportedly made a small bet in the previous aviation industry.
He has had more than one percentage of shares in Spicejet and also has one percent on Jet Airways which was closed in 2019. ACE investors have regulated his belief in the Indian market which said that the Indian bull market will continue and inflation in India is transitory.
Jhunjhunwala in an interview with CNBC-TV18. highlight that he doesn’t think there will be a third wave of Covid-19. “No one predicts the second wave and now everyone talks about the third wave. With the vaccination exercises picking speed and immunity grows, I don’t think there will be a third wave. Plus, the economy is better prepared now,” he said.
