Tuesday, October 26, 2021

Rakesh Jhunjhunwala-backed Akasa Air to finalise aircraft type by November

Ace investor Rakesh Jhunjhunwala-backed Akasa Air is likely to finalise its aircraft type by next month, CNBC-TV18 reported.

It is in talks with lessors for Boeing Max Aircraft and with Airbus for A320neo. However, Boeing Max is reportedly Akasa Air’s preferred aircraft type.

The Rakesh Jhunjhunwala-promoted airline is expecting to launch operations in the summer of 2022. Earlier in July, reports had emerged stating that he is planning to have 70 planes in four years for the new airline venture.

Jhunjhunwala is expected to own nearly 40 percent stake in the new airline and is considering investing $35 million in the venture. SNV Aviation Pvt Ltd will fly under the brand name Akasa Air and Vinay Dube will be the CEO.

Apart from Jhunjhunwala, other investors include Airbnb and Par Capital Management – which has interests in US ULCC Sun Country Airlines. Other key posts at Akasa will see former Jet Airways senior VP Praveen Iyer take up COO role, while former GoAir revenue management VP Anand Srinivasan will be CTO, and former Jet flight operations VP Floyd Gracious is likely to have a similar role. Industry veteran Neelu Khatri is being billed as head of corporate affairs.

26/10/21 Moneycontrol

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