India's Akasa Air to raise capital from investment offices of Azim Premji, Ranjan Pai (updated)

360 One Wam

06/02/2025 12:50

(Adds details, background from paragraph 3)
       Feb 6 (Reuters) - India's Akasa Air said on Thursday it
is raising fresh capital from the investment offices of Wipro
 WIPR.NS  founder Azim Premji and Manipal Hospitals Chairman
Ranjan Pai, as well as funds of wealth management firm 360 ONE
 ONEW.NS .
    The airline, among India's newest carriers, did not disclose
any financial terms.
    It said late Indian billionaire Rakesh Jhunjhunwala's family
would also pour additional capital into the airline. The family
is one of the biggest backers of the low-cost carrier.
    Akasa, which flies a fleet entirely made up of Boeing 737
MAX aircraft, is in a regulatory soup over alleged rule
violations, including those on training guidelines.
    The carrier flies to 22 domestic and 5 international cities
with its operational fleet of 27 MAX single-aisle jets. It has
226 more aircraft on order with Boeing.
    Akasa ended 2024 with a market share of 4.6%, making it
India's third-largest airline after IndiGo  INGL.NS  and the
combined Air India group – which together control nearly 90% of
India's domestic aviation market.
    "Akasa Air continues to be well-capitalised, and these
investments allow us to secure enduring, sustainable growth,
with a financial safeguard to weather any unexpected challenges,
thus reinforcing our readiness for the future," finance chief
Ankur Goel said.
    
     

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Sonia
Cheema and Mrigank Dhaniwala)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))