Ex-IndiGo, the leaders of Jet Airways join the start-up “Indian Ryanair”

Aditya Ghosh, president of IndiGo Airlines (6E, Delhi Int’l) for ten years from August 2008 to July 2018 and known during that time as one of India’s most successful airline executives, will join a plans to launch a new airline with up to 70 planes under the Akasa Air nickname, multiple sources told The Economic Times.

He will work with Indian billionaire investor Rakesh Jhunjhunwala and former Jet Airways (JAI, Mumbai Int’l) CEO Vinay Dube to establish the airline, using Ryanair’s (FR, Dublin Int’l) business model as inspiration. , the sources mentioned.

Ghosh was first general counsel for InterGlobe Enterprises, owner of IndiGo, for four years before becoming president of IndiGo, making the neophyte carrier the country’s largest airline in terms of market share. Since leaving, he has been a board member of a variety of companies, none of them in aviation, and completed an advanced management program at Harvard Business School.

However, one of the sources said that Ghosh will own a less than 10% stake in the airline and will be a member of the board of directors rather than playing a role in the management team – although the new company ” will be its main objective “. Jhunjhunwala will own 40%, while Dube, the general manager of the project, will have a stake of more than 15%.

Boston-based private equity firm PAR Capital Management, which acquired a stake in Sun Country Airlines (SY, Minneapolis / St. Paul) in May as subsidiaries of Apollo Global Management sold theirs, and Homestay specialist Airbnb will also invest in Akasa Air, the sources said.

Jhunjhunwala confirmed to local media on July 28 his intention to invest in the start-up, obtain a Certificate of No Objection (NOC) from India’s Ministry of Civil Aviation within 15 days, and then order until to 70 devices.

Praveen Iyer, who has held senior positions at Jet Airways and GoAir (G8, Mumbai Int’l), is expected to join the Akasa team as commercial director, the sources said, while former vice-president Anand Srinivasan -President of Revenue Management at GoAir, will lead IT operations.

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