Akasa Airline gets NOC for aviation ministry: All you need to know about the Rakesh Jhunjhunwala-backed company

The Ministry of Civil Aviation announced that it had given a no-objection certificate (NOC) for the operation of Rakesh Jhunjhunwala-backed new airline ‘Akasa Air’ in India.

As India prepares to get one more airline, here’s all we need to know about the latest updates on the development till Monday.

About the new airline

Apart from ace investor Rakesh Jhunjhunwala, two other aviation heavyweights are involved in this venture. It has been co-promoted by Vinay Dube, the former CEO of Jet Airways and Aditya Ghosh, the ex-CEO of IndiGo.

Business Standard reports that Jhunjhunwala has invested Rs 247.5 crore in the airline and Madhav, Bhatkuly, founder of investment fund New Horizon has also put in money into the new airline.

In a statement on Monday, the company, Akasa Air, said that it was looking to start operations by the summer of 2022.

In its statement, the company also said that it aims to be the “nation’s most dependable, affordable and greenest airline”.

“Akasa Air will serve all Indians regardless of their socio-economic or cultural backgrounds with warmth, inclusiveness and respect. Because at the end of the day, it is these qualities that connect people and cultures and help Indians realise their dreams,” Dube was quoted as saying by Business Standard.

The company, as per reported information, is already in talks with Boeing and Airbus for flying aircraft. On July 28, it had been reported that the Jhunjhunwala-backed airline was planning to have 70 planes in four years.

Akasa management

For those wondering about the airline’s management team, Vinay Dube will be the CEO of the new company, whereas Praveen Iyer, an ex-employee of Jet, has been appointed as chief commercial officer.

Neelu Khatri, who was most recently the president of Honeywell Business in India, has been appointed as head of corporate affairs. Ankur Goel, former head of IndiGo’s treasury and investor relations, will be Akasa’s chief financial officer.

What next?

The next step for Akasa Airline after the NOC, is the Air Operator’s Permit from the Directorate General of Civil Aviation.

Akasa’s NOC comes at a time when the aviation industry is already in the limelight after the government announced that the Tata Company had won the bid for Air India .

Moreover, Jhunjhunwala was in the news recently when he had met Prime Minister Narendra Modi just a week back and the images from the meeting had gone viral. There was no news as to what the meeting pertained.

Now, we have to wait for Akasa to take to the skies, offering Indians another viable option in flying.

With inputs from agencies