Investor Rakesh Junjunwala is planning to set up a new airline in India within four years consisting of 70 aircrafts, on optimism more people will travel by air.
He is likely to get a no-objection certificate from India's aviation ministry in the next 15 days. He said in a Bloomberg television interview on Wednesday that the ultra-low-cost airline will be called “Akasa Air”.
He further asserted, “ For the culture of a company to be frugal you’ve to start off fresh, I’m very bullish on India’s aviation sector in terms of demand”.