Ever since the stock market veteran Rakesh Jhunjhunwala has announced to start an airline named Akasa Air with an investment of billions of rupees, many people are doubting the success of his investment. Rakesh Jhunjhunwala has now responded in his own style to all such people who raised doubts.
Speaking at the Confederation of Indian Industry (CII) event on Thursday, Rakesh Jhunjhunwala said, “I am set for failure. I am surprised that people are surprised about my investment.” Akasa Air can start its operations by the end of this year.
Rakesh Jhunjhunwala, along with several stalwarts from the Indian aviation industry is starting Akasa Air. He has invested Rs 275 crore for a 40 per cent stake in Akasa Air.
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However, many experts are doubting the success of this investment of Rakesh Jhunjhunwala. He says that so far many airlines in the Indian aviation industry have seen closure after a few years of glitz. Also, the return on money invested in Indian airlines is also less as compared to the global market. Ever since Rakesh Jhunjhunwala announced the launch of Akasa Air, all such reactions are being seen on social media in this regard.
Responding to such critics, Jhunjhunwala said, “When I entered the Indian stock market nearly three decades ago, many people in my family had raised similar doubts. I proved them wrong. Hope you do. I will prove these people wrong in the same way.”
Rakesh Jhunjhunwala further said, “Now it has become a question of my ego.” Jhunjhunwala described his Akasa Air as an “affordable” airline rather than a low-budget airline and compared it to European airline Ryan Air. “I think I have a business plan. As you know, Ryan Air was profitable from day one, while the rest of Europe’s airlines went into losses,” he said.