Billionaire investor, Rakesh Jhunjhunwala and the owner of India’s newest airline Akasa Air which took off to the skies earlier this month passed away at the age of 62.
Jhunjhunwala was considered India’s ace stock market investor, often referred to as India’s own Warren Buffet.
As per reports, Jhunjhunwala was not keeping well for the past few days and breathed his last on Sunday morning at Breach Candy Hospital in Mumbai.
Akasa Air, a low-cost airline, started operations at a time when the Indian aviation industry is trying to regain the lost confidence after coronavirus. With increasing ATF affecting the ticket prices and multiple technical snags resulting in low customer interest in flying, Akasa Air brings fresh energy with its brand new aircrafts, curated menu and cabin crew dress.
Akasa Air operated its maiden flight on the Mumbai-Ahmedabad route on August 7, followed by operations to Bengaluru and Kochi from August 13. Akasa Air will operate 24 weekly flights connecting these locations and apart from these 4 locations, Akasa Air recently announced Chennai as the fifth destination in its network and will commence daily flights between Chennai and Mumbai from September 15, 2022. In addition to this, the airline has also added a new route between Ahmedabad and Bengaluru, which will commence from August 23, 2022. The airline had also announced its daily direct flights between Bengaluru and Mumbai starting August 19, 2022.
Akasa Air has plans to fly 18 aircraft by the end of March 2023 across domestic routes in the country. Regarding starting the airline, a lot many people had questioned Jhunjhunwala as to why he planned to start an airline when aviation was not doing well, to which he replied, “I say I’m prepared for failure.”
On the other front, he was always bullish about India’s stock market and whatever stocks he purchased mostly turned into a multi-bagger.
Jhunjhunwala was born to an income tax officer on July 5, 1960. He grew up in Mumbai. After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjhunwala, who is also a stock market investor. Jhunjhunwala started stock trading while he was still in college.
According to Forbes, the Big Bull of Indian markets, Jhunjhunwala’s net worth was USD 5.8 billion and ranked among the top 500 richest billionaires. This made him the 36th richest man in India.
Extending condolences to his family, Prime Minister Narendra Modi said that Jhunjhunwala leaves behind an “indelible contribution to the financial world.”
“Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti,” he tweeted.