India's billionaire investor Rakesh Jhunjhunwala plans to

Akasa Air: Rakesh Jhunjhunwala plans to launch ultra-low cost airline with 70 aircraft

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India’s billionaire investor Rakesh Jhunjhunwala plans to launch ultra-low-cost airline. (Representational image)

India’s billionaire investor Rakesh Jhunjhunwala is planning to launch his own airline with 70 aircraft, 40 per cent take, according to Bloomberg. 

Jhunjhunwala during an interview with Bloomberg TV said that he is expecting a no-objection certificate from the government in the next 15 days for his airline.

The billionaire investor will be launching an ultra-low-cost airline to be called Akasa Air, with an investment of $35 million.

According to Bloomberg, a former senior executive of Delta Air Lines Inc. will be part of his team. The owners are looking for planes that can carry 180 passengers.

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A couple of months ago, Rakesh Jhunjhunwala and his firm Rare Investments offloaded shares worth nearly Rs 65 crore in Ion Exchange India Ltd, through open market transactions.

As per bulk deal data on BSE, Jhunjhunwala sold a little over 1.5 lakh shares at Rs 1,205.19 apiece, valuing the deal at Rs 18.17 crore.

Rare Investments offloaded 3.87 lakh scrips at a price of Rs 1,205.42 apiece, taking the total deal value to Rs 46.73 crore.

Through separate transactions, Plutus Wealth Management LLP bought 4.75 lakh shares of Ion Exchange at a price of Rs 1,220.75 apiece.

On BSE, shares of Ion Exchange (India) Ltd ended 14.34 per cent higher at Rs 1,403.2 apiece.

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