Rakesh Jhunjhunwala’s Akasa Air Expects To Fly From Next Year




Rakesh Jhunjhunwala-backed Axa Air said it could fly next year

Axa Air, backed by billionaire Rakesh Jhunjhunwala, said on Monday that it expects to start operations next year after receiving initial clearance from the Ministry of Civil Aviation to launch the country’s most recent low-cost carrier.

The approval comes at a time when the country’s aviation industry is recovering from the effects of the Kovid-1 pandemic epidemic, with airlines losing billions of dollars, but the sector’s long-term potential makes the country a hot market for aircraft makers Boeing and Airbus.


SNV Aviation, which will fly under the Akasha Air brand, said in a statement that it has received a “no-objection certificate” from the ministry and expects to launch flights across India in the summer of 2022.

Axa Air chief executive Binoy Dubey said in a statement that the airline would continue to work with the regulatory authorities on all additional consent required for a successful launch.

The company did not provide details but under the requirement to launch an airline, it would also require clearance from the aviation supervisor, the director general of civil aviation.


Mr. Jhunjhunwala, known as “Warren Buffett of India” for his successful stock investment, met Aditya Ghosh, the country’s biggest carrier – former CEO of Indigo, and Mr. Dubey to launch a career to meet the demand for domestic air travel.

Mr Dubey is the former CEO of Jet Airways – once India’s largest private carrier before it stopped flying in April 2019, after running out of cash, leaving billions of dollars and thousands of jobs to donors.

Jet has recently been released from bankruptcy. Mr Ghosh, who spent a decade with Indigo, was credited with Indigo’s first success.


Although details of the new venture, including a decision on aircraft orders, have not been officially released, AXA is already moving toward what could be the biggest deal of the year for the purchase or lease of a Boeing 737 plane outside the United States, Reuters reported in July.


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