Premji Invest, Ranjan Pai Eye Investment in Akasa Air

26 Aug 2024 CW Team

Premji Invest and Ranjan Pai's investment team are in discussions to acquire a stake in Akasa Air, India's newest airline. The talks come as Akasa looks to strengthen its financial backing and expand its fleet and operations across the country.

Premji Invest, the family office of Wipro founder Azim Premji, and Ranjan Pai, a well-known investor and chairman of Manipal Education and Medical Group, are evaluating the potential of this investment as they aim to diversify into the aviation sector. Akasa Air, founded by late investor Rakesh Jhunjhunwala, has quickly established itself in India's competitive aviation market since its launch in 2022.

The deal, if finalised, will mark another significant private equity investment in the Indian aviation sector, which has seen substantial growth due to increased air travel demand and the expansion of low-cost carriers. The airline currently operates a fleet of Boeing 737 Max aircraft and has ambitious plans to further enhance its network across domestic and international routes.

Akasa Air is expected to benefit from the backing of high-profile investors like Premji and Pai, which will provide additional resources for fleet expansion and operational growth as it continues to compete with established players like IndiGo and SpiceJet.

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