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Indian billionaire’s new airline may give Boeing a chance to regain lost ground
Indian billionaire Rakesh Jhunjhunwala’s plan to launch an ultra low-cost airline could give planemaker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet Airways, two years ago, industry executives say. Jhunjhunwala, known as India’s Warren Buffett for his successful stock investments, plans to team up with former CEOs of IndiGo, the country’s biggest carrier, and Jet Airways to tap into demand for domestic air travel. While plans to launch Akasa Air come at a time when India’s aviation industry is reeling from the impact of the pandemic, with airlines losing billions of dollars, the sector’s long-term prospect makes it a hot market for planemakers Boeing and Airbus.