Rakesh Jhunjhunwala, one of the largest investor in India also known as India's Big bull is in the talk of investing $35 million - Rs 260.7 crore into an airline business business. By this investment amount, Rakesh jhunjhunwala would likely to have 40% share in the equity holdings.
“The aviation ministry’s NOC is just the first approval. For further applications, the team needs to draw up a firm business plan for which it needs funds. Everything depends on when and how much money they can raise. The aim is to start the airline by the middle of next year,” said an industry source. The airline reportedly named as "Akasa" which means sky.
Rakesh had already owned over 1% stake in SpiceJet and had also owned 1 % percent in Jet Airways which was shut down in 2019. He is saying that India's bull market will continue and the high inflation rate in India is not permanent.
Jhunjhunwala in an interview with CNBC-TV18 stated that the 3rd wave of covid 19 is not an issue for the economic growth. "Nobody predicted the second wave and now everyone is talking about the third wave. With vaccination exercise picking pace and immunity growing, I don't think there is going to be the third wave. Plus, the economy is better-prepared now," he said.