Following the passing of Rakesh Jhunjhunwala on August 14, Akasa Air’s CEO has promised to continue to serve the nation. Vinay Dube, Founder and CEO at Akasa Air, said, ”Yesterday we received our third aircraft in Delhi, which will be put into operation on the Mumbai-Bengaluru sector shortly. We will continue to grow our fleet by adding one new aircraft every two weeks. While these are gratifying moments in our journey, we at Akasa Air continue to mourn the passing of Mr. Jhunjhunwala. For those of us at Akasa that got to know him and whose lives he has touched, this is a deep personal loss.
Thanks in no small part to Mr. Jhunjhunwala, for which we will always be grateful, Akasa Air is a well-capitalized airline with the financial means to induct 72 aircraft over the next five years. In fact, our financial platform is strong enough to allow Akasa to place an aircraft order in the next 18 months that will be significantly larger than our first. In simple terms, our growth is secure.
We are also thankful that Mr. Jhunjhunwala supported us in recruiting some of the best aviation talent in the country. 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. Anyone that saw him on our inaugural flight on August 7th knows how proud he was of each Akasa employee and partner. On our part, we couldn’t be prouder and more fortunate to have known him.
Mr. Jhunjhunwala recognised India’s potential as one of the fastest-growing aviation markets in the world with an unparalleled potential and decades of progress ahead of us. He was a true believer in India’s potential and saw Akasa Air serving our nation by building the transportation links that will support India’s ongoing economic transformation.
Akasa Air will honour Mr. Jhunjhunwala’s legacy, values, and belief in us by striving to run an extraordinary airline.”
Veteran stock market investor Rakesh Jhunjhunwala died on Sunday morning. He was 62 and was suffering from kidney ailments. According to sources, he was undergoing dialysis on a regular basis as both his kidneys had failed. He was brought to the Candy Breach Hospital at 6:45 AM on August 14, 2022, and was declared dead.
Both a trader and a chartered accountant, and one of the richest men in the country, he was last seen in public at Akasa Air’s Jhunjhunwala was also chairman of Hungama Media and Aptech, as well as a director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.
When Jhunjhunwala was in college, he began dabbling in the stock market. He enrolled at the Institute of Chartered Accountants of India, but after graduating, he decided to dive headfirst into Dalal Street. Jhunjhunwala invested Rs 5,000 in capital in 1985. That capital had grown to Rs 11,000 crore by September 2018.
After hearing his father discuss the stock market with his friends, Jhunjhunwala became interested in it. Jhunjhunwala quoted his father as saying that he should read newspapers on a regular basis because the news was what caused the stock market to fluctuate. While his father permitted him to dabble in the stock market, he refused to provide financial assistance and forbade him from asking friends for money, according to reports.
But Jhunjhunwala was a risk-taker from the beginning. He borrowed money from his brother’s clients with the promise of returning it with higher returns than bank fixed deposits.
In 1986, he made his first significant profit when he purchased 5,000 shares of Tata Tea at Rs 43, and the stock rose to Rs 143 within three months. He made more than three times his money. He earned 20-25 lakh in three years.
Jhunjhunwala has successfully invested in Titan, CRISIL, Sesa Goa, Praj Industries, Aurobindo Pharma, and NCC over the years.
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