One of India’s most successful investors, Rakesh Jhunjhunwala is betting big on the aviation sector and plans to start a low-cost airline. Bloomberg.com reported that the 61-year-old billionaire plans to open the airline within four years, with a fleet of 70 planes. Rakesh Jhunjhunwala is hopeful that more people will travel by air in the future.
Rakesh Jhunjhunwala plans to invest $35 million and own a 40 percent stake in the airline. He told Bloomberg Television that he expects the aviation ministry to issue him a no-objection certificate within a fifteen-day window.
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Rakesh Jhunjhunwala, however, seems confident about the venture and is seeking ways to lure travelers with a new airline offering low fares. According to him, for a company’s culture to be frugal, a fresh start is required. ‘I am very, very confident there will be an upswing in demand in India’s aviation sector,’ he said. Despite Rakesh Jhunjhunwala’s bullish assessment of the aviation sector, all airlines were impacted by the pandemic and suffered severe financial hardship when restrictions were imposed to reduce Covid infections.
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