Billionaire investor Rakesh Jhunjhunwala eyes 70 aircraft in 4 years

To invest Rs 260 crore for a 40% stake in low-cost airline

Billionaire investor Rakesh Jhunjhunwa­la is investing over Rs 260 crore for a 40 per cent stake in a low-cost airline promoted by Vinay Dube, Jet Airways’ former chief executive officer.
 
Dube has put in place a team of senior executives in commercial, engineering and finance roles, and negotiations are underway with both Airbus and Boeing for an aircraft order. The proposed airline christened ‘Akasa Air’ is scheduled to start next summer and have 70 aircraft in four years.
 
Jhunjhunwala has already put in Rs 15 crore in the venture. The infusion was made earlier in the month and