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The post Billionaire investor Rakesh Jhunjhunwala plans ultra-low cost airline appeared first on TD (Travel Daily Media) Travel Daily.
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 USD 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 which includes a former senior executive of Delta Air Lines Inc, is looking at planes that can carry 180 passengers, he added. “For the culture of a company to be frugal you’ve to start off fresh,” Jhunjhunwala said. “I’m very, very bullish on India’s aviation sector in terms of demand.”
(Source ET)
The post Billionaire investor Rakesh Jhunjhunwala plans ultra-low cost airline appeared first on Travel Daily.
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