Rakesh Jhunjhunwala preparing to invest in airline company again! Know what is the plan of ‘Big Bull’

New Delhi. A big update is being received about Rakesh Jhunjhunwala, who is called the Big Bull of the stock market. It is being told that India’s well-known investor Rakesh Jhunjhunwala is reportedly going to invest up to $ 35 million (Rs 260.7 crore) in a new low cost airline venture. Such information has been given in a report of Economic Times. An unnamed source was quoted in the report as saying that the work of the new airline will be looked after by experienced aviation professionals including Vinay Dube, CEO of Jet Airways. Vinay Dubey is also reportedly leading the initial talks with Jhunjhunwala and a foreign investor. Jhunjhunwala may have 40 per cent stake in the new airline.

The NOC of the Ministry of Aviation is only the first approval
According to the report, the airline has been tentatively named “Akasa”, which means Akash and is awaiting a No Objection Certificate (NOC) from the Ministry of Civil Aviation. An industry source was quoted in the report as saying, “The NOC from the Ministry of Aviation is only the first approval. Going forward, the team needs to prepare a firm business plan for which it needs funds. Everything depends on this.” When and how much money they can raise.The target is to start the airline by the middle of next year.

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Have made small bets in the aviation industry before
With the threat of a second wave of COVID-19 and a third wave of infections, the aviation industry has suffered a record loss in a year. However, Jhunjhunwala is known for his bets on local entrepreneurs and has reportedly made small bets in the aviation industry in the past. He held more than one percent stake in SpiceJet and also had one percent stake in Jet Airways, which was closed in 2019.

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I don’t think third wave is coming
In an interview with CNBC-TV18, Jhunjhunwala emphasized that he does not think there will be a third wave of COVID-19. He said, “No one predicted the second wave and now everyone is talking about the third wave. He further added, “With the vaccination drive accelerating and immunity increasing, I don’t think a third wave is going to happen. . Also, the economy is also better prepared now.

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