Jhunjhunwala the biggest draw as investors line up to board Akasa
Business Standard|January 18, 2022
Veterans in the travel industry, a well-known corporate lawyer, and a marquee US-based hedge fund have backed the upcoming lowcost airline Akasa Air.
ARINDAM MAJUMDER & ANEESH PHADNIS MOL

Founded by former Jet Airways chief executive officer (CEO) Vinay Dube, the venture counts ace stock trader and investor Rakesh Jhunjhunwala as its biggest financial backer with an investment of around *300 crore.

A person with knowledge of the development said most of the people were well known to Jhunjhunwala and Dube, who approached them during the conception stage.

The bulk of the company's shares will be held by the duo with a combined shareholding of around 80 per cent.

While most of the investments are small-scale now, experts tracking Indian aviation said their presence would bring quality to the functioning of the company.

"It is also about getting the right kind of people on the board and management. The investor pool is diverse and with credentials, so it will bring in value. Akasa seems to have the building blocks like financial and intellectual capital,” said Kapil Kaul, CEO (South Asia) of aviation consultancy firm CAPA.

Take, for instance, the case of US-based hedge fund Par Capital Management, which has holdings in some top airline stocks around the world and has invested around $40 crore in the company.

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