'Akasa' is the new name in the skies, although tentative name this airline already has the backing of the big bull Rakesh Jhunjhunwala as per reports. The aviation venture is led by seasoned professional Vinay Dube, CEO of Jet Airways.
'Akasa' which is awaiting a no-objection certificate from the Ministry of Civil Aviation is looking to be a Ultra Low Cost Carrier in the market. Reports indicate that Rakesh Jhunjhunwala likely to invest Rs 260 crore in new low-fare airline. This would not be the first investment in aviation for the big bull who has earlier invested in airline companies such as SpiceJet and Jet Airways, where he held around one percent of their equity capital in each company.
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