New Delhi: Airlines funded by Billionaire Investor Rakesh Jhunjhunwala and tested by Veteran withdrawal Vinay Dube can be brought to the sky at the end of this year or the next beginning.
Dube tells the TOI that the application for the Certificate of Objection (NOC) – Precursor for airline licenses – has been sought from the airline ministry for “SNV Aviation”, which will become a parent company for the airline proposed “Akasa Air”.
“We work with ministries according to regulations to ensure that we are in accordance with all the necessary archiving requirements and hope that the NOC will be given to us soon,” Dube said.
While Jhunjhunwala will invest around $ 35 million (around Rs 260 Crore) and hold around 40% of the shares, there will be other investors on board as well.
The airline is very low planning to have a 70 aircraft fleet in four years.
“For corporate culture as saving, you have to start fresh.
I am very, very bullish in the Indian aviation sector in terms of demand.
I think some players increase may not recover.
I have several of the best airlines in the world as my partner,” said Jhunjhunwala to Bloomberg.
This twin logic – India is the fastest growing flight market globally before the pandemic, and the weak finance of all airlines here except Indigo and supported by Tata and Wadia groups – explain the new business time.
Pandemic has encouraged the airline industry into the largest existential crisis.
The Indian airline industry saw a large Churn with an Indian water divestment process.
Tatas are widely seen as a danger to acquire AI and finally have one mega carrier that combines all three – AI, Vistara and AirAsia India.
Indigo, although Covid sent its clean wealth in the negative territory, had a strong war chest and hundreds of aircraft waiting to be brought to the sky again after the trip back.
Other airlines try to raise funds to survive.
Bullish on the prospect of Indian flights, the Akasan team did basically during the entire 2020 pandemic.
Jhunjhunwala himself learned to talk to the major flight professionals to find out about the ins and outs of starting and running airlines.
“He just called last year and introduced himself, while wanting to know about this industry,” said a person in the industry.
Dube has held senior positions in Goair, Jet Airways, Delta and American airlines in careers for 30 years.
He has prepared a technical blueprint with a trusted colleague team that includes several names of Jet-i.
It still has to be seen whether a land is brought to the sky before Jet-II.
Dube is the Jet-I CEO established Goyal Naresh when based on April 2019.
The founder of Virgin Atlantic and British billionaire Richard Branson have been famous said: “If you want to be a millionaire, start with one billion dollars and launch a new airline.” Vijay Mallya, Desi Branson, went bankrupt after launching Kingfisher.
While reminded of this quote, Jhunjhunwala told Bloomberg TV: “When I first came to the stock market in 1985, they said the best way to go bankrupt was going to the stock market.
By God’s grace, it proved wrong.” At present, Jhunjhunwala Worth around $ 4.6 billion (a little more than RS 34,000 Crore).
While Mallya could not prove Branson wrong, it still had to be seen if the Indian Warren buffet itself did it.