Rakesh JhunJhunwala News : Big Bull Rakesh Jhunjhunwala is soon going to play a big bet in the aviation sector. Rakesh Jhunjhunwala is going to start new airlines, whose fare will be very low. For this, he is going to build a fleet of at least 70 aircraft in the next four years. The name of this airline company with 40 percent stake of Jhunjhunwala will be Akasa Air. Jhunjhunwala is quite bullish about the aviation sector and believes that the number of air passengers in India is going to increase significantly in the next few years.
Jhunjhunwala’s company approved in 15 days?
Jhunjhunwala said in an interview to Bloomberg Television that he can invest about Rs 265 crore initially to set up a new airline company. He will have 40 per cent stake in the airlines. He said that he expects to get a no objection certificate for this new airline from the Ministry of Civil Aviation in the next 15 days. The name of this airline with very cheap fare will be Akasa Air. Senior executives of Delta Air Lines Inc. will be included in it. The company will buy such aircraft, which will have 180 passenger seats.
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Big bet on risky aviation sector
This decision of Jhunjhunwala, who is called the Warren Buffett of India, is being considered very bold because many airlines have stopped in the competition of cheap fares in India. Many airlines, including Jet Airways, have gone bankrupt due to rising costs. Despite this, Jhunjhunwala remains bullish on the aviation sector. Due to Corona, airline companies all over the world including India are in bad shape, but Jhunjhunwala sees a lot of potential in low fare air travel.