India’s newest airline Akasa Air – All you need to know

India’s billionaire investor Rakesh Jhunjhunwala has announced to launch his own ultra-low-cost airline called Akasa Air.

With 40 per cent ownership and an investment of USD 35 million, Jhunjhunwala said the airline is expected to have 70 aircraft within 4 years.

Jhujhunwala is expecting a no-objection certificate from the Ministry of Aviation, Government of India in the next 15 days.

Airbnb and Par Capital Management are among the investors in Akasa Air.

Who are the key people in Akasa Air?

•Aditya Ghosh, former President of Indigo will be the co-founder of Akasa Air with a 10 per cent stake. He will not be on the management but will be Jhunjhunwala’s nominee.

•Former Jet Airways CEO Vinay Dube will be the CEO of Akasa Air with a 15 per cent stake. As per media reports, a former senior executive of Delta Air Lines Inc. will be part of the founding team.

•Media reports also state that other key people at Akasa Air will see former GoAir revenue management VP Anand Srinivasan as CTO, former Jet Airways senior VP Praveen Iyer as COO, former Jet flight operations VP Floyd Gracious as CTO or a similar role, and industry veteran Neelu Khatri as Head, Corporate Affairs.