Aviation

Rakesh Jhunjhunwala-backed airline Akasa set to take off amid COVID-ravaged industry

By The Week

Rakesh Jhunjhunwala has made billions investing in India’s stock markets. Whenever he is asked about India’s economic outlook, he has generally been bullish on the long-term prospects. No doubt, there is so much under-penetration in so many sectors, that there remains a huge scope for growth across industries. That has perhaps got him interested in one such sector – aviation.

India has a rapidly growing middle-class population. As more and more people will travel in the coming years, be it for leisure or business, demand for air travel is expected to soar.

According to Invest India, the National Investment Promotion and Facilitation Agency, 79 million people 79 million people travelled to, from, or within India in 2010. By 2017, that number doubled to 158 million and this number is expected to treble to 520 million by 2037.

To cater to this growing demand, Jhunjhunwala is plotting an entry with an airline of his own—Akasa. He has roped in experienced hands in the business to give this airline a lift. Aditya Ghosh, former president of Indigo will reportedly be joining him as the co-founder. The former CEO of Jet Airways, Vinay Dube, is also on board.

“I am very, very bullish on India’s aviation sector in terms of demand,” Jhunjhunwala said on Bloomberg TV.

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