India’s newest airline, Akasa Air, expressed its condolences on the untimely passing of Rakesh Jhunjhunwala and said the airline will honor his legacy.
In addition, the airline thanked the deceased soul for trusting the company.
Ace investor and owner of India’s newest airline Akasa Air Rakesh Jhunjhunwala has died aged 62 in Mumbai.
“We are deeply saddened by the untimely passing 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 airline said in its message of condolence.
Often referred to as India’s very own Warren Buffet, he hasn’t been holding up well in recent days and took his last breath today at Mumbai’s Breach Candy Hospital.
“We at Akasa cannot thank Mr Jhunjhunwala enough for being an early believer in us and putting his trust and confidence in us to build a world class airline. Mr Jhunjhunwala had an invincible spirit, was deeply passionate about all that was Indian and cared deeply for the well-being of our employees and customers. Akasa Air will honor the legacy, values and belief in us by honoring Mr. Jhunjhunwala by striving to run a great airline,” added the airline ready.
— Akasa Air (@AkasaAir) August 14, 2022
Akasa Air took off for Indian airspace just earlier this month.
“Sh Rakesh Jhunjhunwala Ji was not only a shrewd businessman but also passionately invested in India’s growth story. He will be remembered for gifting India with its new airline Akasa Air after more than ten years. My deepest condolences to his family and loved ones Union Minister of Civil Aviation, Jyotiraditya Scindia, tweeted earlier.
Recalling the inauguration of Akasa Air on August 7, Mr. Scindia said he had no idea how much trouble Jhunjhunwala was going through.
“He was a symbol of India’s entrepreneurial spirit. I believe that the things he accomplished and accomplished will be an inspiration to thousands of young people,” Mr Scindia later told ANI.
Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai.
After graduating from Sydenham College in 1985, he enrolled in the Institute of Chartered Accountants of India and married Rekha Jhunjunwala who is also a stock market investor.
Jhunjhunwala ran a private equity trading company called RARE Enterprises.
Many people wondered why Jhunjhunwala planned to start an airline when the airline industry was failing, to which he replied, “I say I am prepared for failure.”
He was always optimistic about the Indian stock market and the stocks he bought usually turned into a multi-bagger.
“Rakesh Jhunjhunwala was indomitable. Lively, witty and insightful, he leaves an indelible contribution to the financial world. He was also very passionate about India’s progress,” Prime Minister Narendra Modi tweeted.
“His passing is saddening. My condolences to his family and admirers. Om Shanti,” PM Modi added.
“Shocked at the sudden passing of seasoned investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions to business and industry. He spearheaded the creation of an investment culture in Indian stock markets. Condolences to his family and many admirers Defense Minister Rajnath Singh tweeted.
“Shocked to hear about the passing of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market has inspired countless investors. He will always be remembered for his optimistic outlook. My deepest condolences to his family. Om Shanti Shanti,” Union Minister Home Office Amit Shah tweeted.
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