Adding wings to an already soaring portfolio, Akasa Air, the airline venture promoted by billionaire investor Rakesh Jhunjhunwala, has received the no-objection certificate from the Ministry of Civil Aviation.
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The holding company SNV Aviation Private Limited will fly under the brand name Akasa Air and operations are expected to begin in the summer of 2022. The airline plans to operate approximately 70 planes in the next four years.
Ace investor Jhunjhunwala has roped in ex-Jet official Vinay Dube and former Indigo chief Aditya Ghosh on its board. Jhunjhunwala reportedly invested nearly Rs 260 crore for a 40 per cent stake in Akasa.
Vinay Dube who is also CEO of Akasa Air said, "We are extremely happy and grateful to the Ministry of Civil Aviation for their support and the grant of the NOC. We will continue to work with the regulatory authorities on all additional compliances required to successfully launch Akasa Air"
Ghosh congratulated Dube and his team on getting the NOC. "Many congratulations to VinayDube and Team #AKASA on receiving the NOC from MOCA," he tweeted.