Mr. Jhunjhunwala’s Akasa Air comes at a time when aviation industry is reeling from the impact of the pandemic
Billionaire Rakesh Jhunjhunwala’s plan to launch an ultra-low-cost airline, could give plane maker Boeing a chance to regain lost ground after the fall of one of its biggest customers, Jet Airways, two years ago, industry executives say.
Mr. Jhunjhunwala, known as “India’s Warren Buffett” for his successful stock investments, plans to team up with former CEOs of IndiGo, the country’s biggest carrier, and Jet Airways to tap into demand for domestic air travel.
While Mr. Jhunjhunwala’s Akasa Air comes at a time when aviation industry is reeling from the impact of the pandemic,with airlines losing billions of dollars, the sector’s long-term prospect makes it a hot market for plane makers Boeing and Airbus.
“There will be a big fight between Airbus and Boeing,” said Nitin Sarin, managing partner at law firm Sarin & Co, which advises lessors and…