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Home All India Rakesh Jhunjhunwala Airline's $9 Billion Order For Boeing 737s Advertisement

Rakesh Jhunjhunwala Airline's $9 Billion Order

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For Boeing 737s

The orders by Akasa, which is backed by billionaire investor Rakesh Jhunjhunwala, are incremental
orders, a Boeing executive said.
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All India Reuters Updated: November 16, 2021 6:53 pm IST

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Akasa air is backed by billionaire investor Rakesh Jhunjhunwala. (File) Purvanchal Expressway Inauguration

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Dubai: Akasa Air on Tuesday placed an order for 72 Boeing 737 MAX jets, valued
at nearly $9 billion at list prices - a deal that could help the US planemaker regain
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The order by billionaire investor Rakesh Jhunjhunwala-backed airline comes
months after air safety regulator allowed the country's airlines to 몭y the MAX jet,
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Mr Jhunjhunwala, known as "India's Warren Buffett", has teamed up with former
chief executives of IndiGo, the country's biggest carrier, and Jet Airways to tap
into demand for domestic air travel, which is nearing pre-pandemic levels as the
country recovers from a devastating outbreak earlier this year.

The low-cost airline received initial clearance from the civil aviation ministry to
start operations in October and is expected to begin 몭ying next year.

"We are already witnessing a strong recovery in air travel, and we see decades of
growth ahead of us," Akasa Air Chief Executive Vinay Dube said at the Dubai
airshow, where the order was announced.

The order by Akasa includes two variants, the 737-8 and the high-capacity 737-8-
200, the companies said.
 Reuters reported in September that Boeing was close to winning an order for
some 70 to 100 737 MAX jets from Akasa, pending separate talks on a long-term
engine service deal.

Boeing dominates India's wide-body market of 51 planes but fare wars and high
costs have led to casualties among full-service carriers, including King몭sher
Airlines in 2012 and Jet Airways in 2019, making low cost carriers and Airbus
even more dominant.

Boeing's share of India's 570 narrow-body planes fell to 18% from 35% after Jet's
collapse in 2018, data from consultancy CAPA India shows. Currently, SpiceJet is
the only customer for the MAX planes in the country.

(This story has not been edited by NDTV staff and is auto-generated from a
syndicated feed.)

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