New Delhi: Rakesh Jhunjhunwala’s Akasa Airlines, known as Big Bull and one of the biggest investors of the stock market, has got a No Objection Certificate (NOC) from the Ministry of Civil Aviation. Akasa Air will work with regulators on all additional compliances. SNV Aviation Private Limited will fly under the brand name Akasa Air. Former Chief Executive Officer (CEO) of Jet Airways Vinay Dubey will now be its CEO. Akasa Air is an Indian airline in which Rakesh Jhunjhunwala has invested.
When will the company start operations in India?
The low-cost airline promoted by CEO Vinay Dubey will now approach the Directorate General of Civil Aviation (DGCA) for its air operator’s permit. Dubey said that we are grateful to the Ministry of Civil Aviation for their support and giving NOC. We will continue to work with regulatory authorities on all additional compliances required to successfully launch Akasa Air. The company said that the airline wants to start operations in India by the summer of 2022. Akasa Air and three other airlines applied for NOC from the Ministry of Civil Aviation in August 2021 for starting scheduled air passenger service and air cargo service.
Jhunjhunwala to invest $35 million
Akasa Air is in talks with Boeing and Airbus to buy the aircraft. Earlier on 28 July 2021, several reports suggested that Jhunjhunwala was planning to have 70 aircraft in 4 years for a new airline venture, which he has decided to withdraw. Jhunjhunwala is expected to hold around a 40 percent stake in the new airline. He is looking to invest $35 million in the venture. Aditya Ghosh, former chairman of domestic airline Indigo, will be the co-founder of Akasa along with Jhunjhunwala and former Jet Airways CEO Vinay Dubey.