Rakesh Jhunjhunwala passionately invested in India's growth, will be remembered for Akasa Air: Jyotiraditya Scindia

New Delhi: Civil Aviation Minister Jyotiraditya Scindia on Sunday expressed condolences over the demise of Rakesh Jhunjhunwala and said that he will be remembered for giving India its new airline Akasa Air after more than a decade.

Veteran stock market investor Jhunjhunwala, often referred to as India's Warren Buffett and whose net worth was USD 5.8 billion (about Rs 46,000 crore), died in Mumbai on Sunday morning. He held 40 per cent shares in Akasa Air.

Scindia had on 7 August inaugurated Akasa Air's first flight, which operated from Mumbai to Ahmedabad. The airline had on 7 July received air operator certificate from the Directorate General of Civil Aviation (DGCA).

Scindia said on Sunday: "Shri Rakesh Jhunjhunwala Ji was not only an astute businessman, but also passionately invested in India's growth story."

"He will be remembered for giving India its new airline Akasa Air after more than a decade. My deepest condolences to his family and loved ones," he mentioned.

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Jhunjhunwala was present at the Mumbai airport on 7 August for Akasa Air's inaugural flight.

Jhujhunwala had then said in his speech: "I must thank you (Scindia) because people say that India has a very very bad bureaucracy but the cooperation that the Ministry of Civil Aviation has given us, it is unbelievable."

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Nowhere in the world has an airline been conceived and born in 12 months, he had added.

"Normally a child is born in nine months, we took 12 months. It would not have been possible without the cooperation of the Ministry of Civil Aviation," he had noted.

Akasa Air mourns death of founder Rakesh Jhunjhunwala

"We are deeply saddened by the untimely demise of Mr. Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr. Jhunjhunwala's family and friends. May his soul rest in peace," Akasa Air tweeted a condolence message.

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"We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airlines. Mr Jhunjhunwala had an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers," the message further added.

It said, "Akasa Air will honour Mr. Jhunjhunwala's legacy values and belief in us by striving to run a great airline.

Jhunjhunwala recently teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh to launch Akasa Air - India's newest low-cost carrier.

With inputs from PTI

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