New Delhi: Rakesh Jhunjhunwala, popularly known as “Big Bull”, is planning for multi-crore investment in a proposed airline. The airline will be an ultra-low cost one which will look to cater to the economy class, according to media reports. Rakesh Jhunjhunwala is known for his unique investment style in share market.Also Read - Horoscope Today, September 20, Monday: Taurus Can Expect Financial Gains, Luck Will Favour Scorpio
Rakesh Jhunjhunwala New Airline Stock, Investment, Key Details
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- Rakesh Jhunjhunwala is mulling investing USD 35 Million in the yet-to-be launched airline, the billionaire investor told Bloomberg Television.
- Jhunjhunwala is likely to own 40 per cent of the carrier, the report said.
- The proposed airline is likely to be named as “Akash Air”. The airline may manage to acquire a no-objection certificate from Civil Aviation Ministry in the next 15 days, as per the report.
- Jhunjhunwala is considering to have 70 planes which will have the capacity of boarding 180 people each.
- Jhunjhunwala-backed budget airline may become operation by the end of this year or the beginning of the next year, as per a report in Times of India.
- Jhunjhunwala told Bloomberg Television, “For the culture of a company to be frugal you’ve to start off fresh…I’m very, very bullish on India’s aviation sector in terms of demand.”
- Rakesh Jhunjhunwala’s net worth is estimated at Rs 34,250 crore, according to Forbes report.
- Jhunjhunwala’s investment plan comes at a time when India’s domestic aviation market has been impacted severely by the Covid pandemic.
- There were around 11 million domestic air passengers in the country from April to June this year, which is 53 per cent less than the January-March period, Minister of State for Civil Aviation V K Singh has said on Wednesday, as per a PTI report.
- Moreover, a total of 5,637 domestic flights were cancelled in March-June period this year amid the second wave of the coronavirus pandemic, the minister said in a written reply in the Rajya Sabha.
- Currently, the Indian carriers are allowed, by the Ministry of Civil Aviation, to operate not more than 65 per cent of their pre-COVID domestic flights, the PTI report says.
- The recovery of aviation market in Indian has been significantly impacted by caps on fare and capacity that has been placed by the government since May last year, Director General of global airlines body International Air Transport Association (IATA) Willie Walsh was quoted as saying by PTI.