Rakesh Jhunjhunwala-Backed Airline Venture Akasa Hiring Jet Airways Veterans To Fill Its Top Management

Gearing to disrupt the Indian aviation sector, billionaire investor Rakesh Jhunjhunwala backed ultra-low-cost airline startup Akasa Airlines has brought in a host of veteran Jet Airways employees to shape up its top deck of officials, reports Moneycontrol.

The development comes merely days after the airline received the No Objection Certificate (NOC) from the Union Ministry of Civil Aviation to begin operations. It should also be noted that the company's founder and chief executive Vinay Dube was also the last chief executive of the now grounded Jet Airways.

It should be noted that most of the aforementioned persons have previously served at Jet Airways.

Jhunjhunwala is said to be investing $35 million in the airline for a 40 per cent stake. The airline plans to operate a fleet of 70 aircraft within a span of four years.