Billionaire investor Rakesh Jhunjhunwala is planning on having 70 aircraft within four years for a new airline he wants to set up in India on optimism more people will travel by air.
Jhunjhunwala , who is considering investing $35 million and would own 40% of the carrier, expects to get a no-objection certificate from India’s aviation ministry in the next 15 days , he said in a bloomberg television interview on Wednesday.
The ultra-low cost airline will be called Akasa Air and the team, which includes a former senior executive of Delta Air Lines Inc, is looking at planes that can carry 180 passengers , he said.
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