Rakesh Jhunjhunwala

2022 - 8 - 8

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Image courtesy of "News18"

'I'm Ready For Failure,' Says Rakesh Jhunjhunwala As Akasa Takes ... (News18)

The launch of Akasa Air, which took to the skies with a Mumbai-Ahmedabad flight on August 8, comes at a time of sky-high jet fuel prices, fears of a slowing ...

The world is gripped by recession fears, jet fuel prices are sky-high, and aviation is a notoriously fickle industry. Nicknamed the “Oracle of Dalal Street" — a play on Buffett’s moniker and the location of the Bombay Stock Exchange — Jhunjhunwala has invested $35 million for an estimated 40 percent stake in the new airline. “India does not produce even a nut or even a screw in India. Everything has to be imported from the US or Europe," said aviation analyst Mark Martin. “The richest aviation billionaires in the world are from India: the founders of IndiGo," Junaid says, referring to Rakesh Gangwal and Rahul Bhatia — whose 2006-launched airline is India’s top domestic carrier. “People say that in order to become a millionaire, you first become a billionaire and start an aviation company," quips Anas Rahman Junaid, founder and managing director of rich list Hurun India. But the billionaire dubbed “India’s Warren Buffett" is launching an airline on Sunday. Co-founding Akasa Air was a rare departure into entrepreneurship for Rakesh Jhunjhunwala, who made his fortune on the stock exchange as a value share investor and is often compared to the Berkshire Hathaway chairman and CEO.

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Image courtesy of "CNBCTV18"

Rakesh Jhunjhunwala says India should be grateful to Mukesh ... (CNBCTV18)

Rakesh Jhunjhunwala has said that a low cost of communication, whether in voice or in data, is what has ushered digitisation in the country.

He said, “I don't think the telecom sector is a very good sector to invest, in because it constantly requires investment. However, he is not bullish on the telecom sector. Market veteran Rakesh Jhunjhunwala, in an exclusive interview with CNBC-TV18, said that India should be grateful to Reliance Chairman Mukesh Ambani for revolutionising the telecommunication sector and fast-tracking the digitisation process in the country.

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