Indian investor Rakesh Jhunjhunwala has roped in executives from market leader IndiGo and Delta Air Lines to help establish a new low cost airline. The airline will be called Akasa Air.
Aditya Ghosh, former President of IndiGo is joining the venture. The new airline will be set up with an initial $50 million with Jhunjhunwala putting in $35 million of his own money for a 40% stake.
Jhunjhunwala told Bloomberg he expects to receive clearance for the venture within a couple of weeks.
