Billionaire Investor Rakesh Jhunjhunwala Plans Ultra-Low Cost Airline

Billionaire investor Rakesh Jhunjhunwala is planning on having 70 aircraft within four years for a new airline he wants to set up in India on optimism more people will travel by air.

Mr Jhunjhunwala, who is considering investing $35 million and would own 40% of the carrier, expects to get a no-objection certificate from India's aviation ministry in the next 15 days, he said in a Bloomberg Television interview Wednesday.

The ultra-low cost airline will be called Akasa Air and the team, which includes a former senior executive of Delta Air Lines Inc., is looking at planes that can carry 180 passengers, he said.