Thursday, July 13, 2023

'Well capitalised': Akasa Air chief on airline exceeding its own expectations

Vinay Dube, the Chief Executive Officer of Akasa Air, on Thursday said that the airline is well capitalised with adequate funds to place a three-digit aircraft order by the end of 2023.

Currently operating with 19 aircraft, Akasa Air is preparing to introduce its 20th aircraft this month, thereby becoming eligible for international operations, reported PTI.

“I think we are adequately funded. We were adequately funded to order 72 aircraft. We are adequately funded to add 4 more aircraft on top of that were adequately funded to place another three-digit aircraft order between now and the end of this year," Dube said during an interview with PTI.

The airline, which is set to mark its first year of operations next month, has reportedly exceeded its own expectations, according to Dube.

Despite intensifying competition in the Indian aviation industry, with airlines like IndiGo and Air India pursuing aggressive growth plans, Dube emphasised that Akasa Air is focused on long-term sustainability.

Regarding its future trajectory, Dube envisions Akasa Air as an airline with 76 aircraft, a thriving domestic market, multiple international gateways, and a commitment to exceptional customer service by March 2027. As of May, the airline held a domestic market share of 4.8 per cent, as per official data.

Dube believes the next two decades will witness a "golden era of aviation" in India, with the emergence of approximately 2,000 aircraft and an increase in the number of airports across the country.

Dube acknowledged that the growth percentages may appear higher when transitioning from a smaller fleet size, but stressed that Akasa Air has the potential to expand at a faster pace due to its current scale. Once the airline reaches a fleet size of 20 aircraft, it will be eligible to operate international flights.

13/07/2023 Tarun Mishra/Business Today

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