Billionaire investor Rakesh Jhunjhunwala – who was often called ‘India’s Warren Buffett’ – would be remembered by investors across the country as a role model. But his most recent contribution to India’s growth story was Akasa Air, the country’s youngest budget airline.
His death – just days after Akasa Air took to the skies – comes as a huge shocker. In a tweet, union aviation minister Jyotiraditya Scindia underlined how his legacy was made richer with the latest feather in his cap. “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 tweeted.
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A month after the airline received clearance from the aviation regulator DGCA (Directorate General of Civil Aviation), the union minister – on August 7 (last Sunday) – inaugurated Akasa Air’s first flight that took off from Mumbai to Ahmedabad.
Jhunjhunwala – who was seen in a wheelchair at the Mumbai airport – had thanked Scindia, saying: “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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In a rich tribute, Akasa Air CEO Vinay Dube- condoling the death – on Sunday said: “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.”
The airlines also acknowledged the faith invested by Jhunjhunwala. “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 airline.”
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The billionaire had “an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers. Akasa Air will honour Mr. Jhunjhunwala’s legacy, values and belief in us by striving to run a great airline,” it read.
The ace investor – who had a net worth of $5.8 billion, according to Forbes- was reported to be having a stake of 40 per cent in the airline, estimated to be around $35 million.
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“A lot of people question why I’ve started an airline. Rather than answer them, I say I’m prepared for failure. It’s better to have tried and failed than not tried at all. I hope to prove people wrong. Now it’s become a matter of ego,” he had said at an event in February, while answering questions about his investment, news agency AFP reported. The aviation sector – not just in India but across the world – has been struggling ever since the pandemic began. However, it is being hoped that the situation would improve with the world having opened up with caution, and with lessons on living with the virus.
Meanwhile, Jhunjhunwala was praised for being a self-made trader. His passion in the stock market became evident right from college days.
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Mumbai-based Rare Enterprises Pvt – a private equity investment company he owned – was one of the firms through which Jhunjhunwala invested.
The billionaire breathed his last in Mumbai on Sunday morning. He was 62.
