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Report Says Azim Premji & Ranjan Pai Family Are In Talks To Buy Majority Stake In Akasa Air

Report Says Azim Premji & Ranjan Pai Family Are In Talks To Buy Majority Stake In Akasa Air

Business Today
Business Today
  • New Delhi,
  • Aug 22, 2024,
  • Updated Aug 22, 2024, 6:08 PM IST

The Indian aviation sector is set to get a booster with Premji Invest and the Ranjan Pai family reportedly planning a massive funds infusion in Akasa Air. A report by the Economic Times says the two family offices are in talks to invest as much as $125 million in the young Indian airline which backed by the Rakesh Jhunjhunwala family. The investment, according to the report, will give the family offices of Azim Premji and Manipal Hospitals’ Ranjan Pai a majority stake in the airline. Akasa Air has overtaken SpiceJet to become India’s fourth largest airline in just 2 years of operations. The airline, however, is bleeding money as it tries to find a foothold in a duopoly controlled by IndiGo and Tata Group-owned Air India and Air Vistara. The fresh fund infusion will give Akasa a much-needed financial cushion.

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