New Delhi: Indian billionaire and stock market king Rakesh Jhunjhunwala is now gearing up to enter the airlines business. Jhunjhunwala has been purchasing a plan to buy 70 planes for a new airline within four years. Talking to Bloomberg, Rakesh Jhunjhunwala said he is considering investing $35 million.

Thus, he will own 40 percent of the airline, with a NOC certificate stake from the Ministry of Aviation, Government of India in the next 15 days. Rakesh Jhunjhunwala said the ultra-low-cost airline will be launched under the name 'Akasa Air.' His team, including a former senior delta airlines officer, is looking at planes that can carry 180 passengers.

At a time when rental competition and corona have caused a lot of damage to the airline's sector, it will be extremely challenging for Jhunjhunwala to come to this area. However, Jhunjhunwala seems unperturbed by all this and hopes that demand in the aviation sector will increase in the coming days. According to him, the Indian market will continue to grow.

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