Billionaire investor Rakesh Jhunjhunwala is planning on having 70 aircraft within four years for a new airline he wants to set up in India on optimism more people will travel by air.

Jhunjhunwala, who is considering investing USD 35 million and would own 40% of the carrier, expects to get a no-objection certificate from India’s aviation ministry in the next 15 days, he said.

The ultra-low cost airline will be called Akasa Air and the team, which which includes a former senior executive of Delta Air Lines Inc, is looking at planes that can carry 180 passengers, he added. “For the culture of a company to be frugal you’ve to start off fresh,” Jhunjhunwala said. “I’m very, very bullish on India’s aviation sector in terms of demand.”

(Source ET)