Big Bull Mr. Rakesh Jhunjhunwala, also known as “Indian Warren Buffett”, started his investing in the stock market in the early 1980s with just Rs. 5,000, which grew to $5.8 Billion (46,000 Crore) according to Forbes Magazine.
Indian Billionaire Mr. Rakesh Jhunjhunwala, stock investor and founder of India’s recent airline, Akasa Air, Mr. Jhunjhunwala passed away on the 14th of August 2022 at the age of 62. He died of a sudden cardiac arrest. Akasa had its inaugural flight from Mumbai to Ahmedabad just a week ago on August 7.
Akasa Air, the First Airline to be Launched in a Decade
Akasa Air is an upcoming ultra-low-budget Indian airline co-founded by billionaire and stock market trader Rakesh Jhunjhunwala and former Jet Airways CEO Vinay Dube. Akasa Air is well-capitalized and its financial growth is much more stable with its co-founder Vinay Dube after the death of Mr. Jhunjhunwala.
Mr. Jhunjhunwala was also a promoter of Star Health and Allied Health Insurance, both of which he and his wife own approximately 17.49 percent. The couple has a 5.05 percent stake in Titan, a 5.48 percent stake in Crisil, and a 3.64 percent stake in Federal Bank. His other significant investment holdings include Titan Company, in which he and his wife Rekha held a 5.05 percent stake. He owns 1.09 percent of Tata Motors.
“He wanted us to have a top-notch leadership team that made all day-to-day decisions at the airline without having to fall back on him or any other investor,” Dube, the founder, and CEO of the carrier said in a statement.
The airline, which is a newcomer in the competitive Indian Aviation Market, has begun operations at a time when competition is fierce among Indian consumers, who are in a recovery phase following COVID-19. Within the next 5 years, this airline will receive around 72 planes.
Even India’s Top Aviation IndiGo commended Mr. Jhunjhunwala’s recent contribution to the Indian aviation sector with Akasa Air’s launch. “Our thoughts and prayers are with the family of Mr. Rakesh Jhunjhunwala at this time of their tragic loss,” IndiGo said.
