New Delhi: Stock market maverick Rakesh Jhunjhunwala backed upcoming airline venture — Akasa — is expected to get all Central clearances to commence airline operations by year-end. Accordingly, the proposed airline venture has applied for a NoC (No Objection Certificate), AoP (Air Operator Permit) and other permits from the Ministry of Civil Aviation (MoCA).
Rakesh Jhunjhunwala Airline Akasa Air
- In fact, the first stage of acquiring the NoC is still underway. Interestingly, there are several stages to get the overall clearances to start an airline venture in India.
- Firstly, the proposed entity receives an NoC by MoCA, followed by a security background check, then an AoP is issued and thereafter the technical viability of the airline receives a safety clearance.
- “These clearances might take up to year-end as the first stage is ongoing,” official sources said.
- “The technical feasibility of the proposal as well as the financial backing of the promoters apart from other details regarding security based background checks are conducted in this process.”
- According to a second source, the proposal entails the venture to operate an all Boeing 737 Max aircraft fleet.
- Notably, these aircraft are yet to receive regulatory clearance to restart operations in India.
- “The process of Max’s safety recertification is active as of now,” the second source said.
- On its part, Boeing India said: “We always seek opportunities and talk with current and potential customers about how we can best support their fleet and operational needs.”
- The proposed airline venture is partly funded by Jhunjhunwala, while ex-Jet Airways CEO Vinay Dube will manage the airline.
- Jhunjhunwala will be represented by ex-IndiGo boss Aditya Ghosh in the proposed airline’s Board.
- Additionally, the NOC will be held by SNV Aviation, the holding company for the proposed airline.
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