Friday, December 24, 2021

Top 5 things to know about Rakesh Jhunjhunwala- backed airline Akasa Air

Ace investor Rakesh Jhunjhunwala-backed budget airline Akasa Air is expected to commence commercial flights starting from the summer of 2022. On Wednesday,  Akasa Air had unveiled its brand identity with a 'Rising A' symbol and tagline, 'It's Your Sky'. It aims to be the nation's most "dependable, affordable, and greenest airline".

"Translating our purpose to serve every traveller with an innovative yet simple alternative required a modern and confident symbol. The Akasa Air brand identity encapsulates the collective spirit of flying and the individual pursuit of dreams for each of us," said Vinay Dube, Akasa Air founder, MD and CEO, had said in an official statement.

"'It's Your Sky' is the brand's promise to embrace everyone and to create an inclusive environment for all Indians regardless of their socio-economic or cultural backgrounds," the airline noted.  

Here are 5 things to know about Rakesh Jhunjhunwala-backed Akasa Air:

> The most astute investor of current times, Rakesh Jhunjhunwala, is betting big on the Indian aviation industry with Akasa Air. The billionaire investor's predilection for aviation dates back to 2015 when he invested in InterGlobe Aviation, which runs IndiGo. Jhunjhunwala will reportedly invest $35 million (nearly Rs 260 crore) for a 40 per cent stake in Akasa.

> Akasa Air's fleet will be comprised of Boeing 737 MAX aeroplanes. In November, Akasa Air has placed an order for 72 Boeing MAX 737 aeroplanes in a deal worth $9 billion. Akasa Air's order includes two variants from the 737 MAX family, including the 737-8 and the high-capacity 737-8-200.

> Last month, Akasa Air had announced the purchase of CFM LEAP-1B engines to power its Boeing 737 MAX airplanes. The agreement that also includes spare engines and long-term services agreement is valued at nearly $4.5 billion at list price.

> SNV Aviation Pvt Ltd, that will fly under the brand name Akasa Air, had received a No Objection Certificate (NoC) from the Ministry of Civil Aviation in October 2021.

> In September, Big Bull Rakesh Jhunjhunwala-backed airline Akasa has roped in former head of treasury and investor relations in IndiGo Ankur Goel as its Chief Financial Officer. Jhunjhunwaka's team also includes, among others, former IndiGo President Aditya Ghosh and former Jet Airways CEO Vinay Dube, who will be CEO of Akasa Air and director of the holding company, SNV Aviation Private Limited.


To Read the News in full at Source, Click the Headline


Post a Comment