India’s newest airline Akasa Air condoled the untimely demise of Rakesh Jhunjhunwala and said the airline will honor his legacy.
Further, the airline thanked the departed soul for the faith and belief in the company.
Veteran stock market investor and owner of India’s newest airline Akasa Air Rakesh Jhunjhunwala passed away at the age of 62 in Mumbai.
“We are deeply saddened by the untimely demise of Mr. Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with the family and friends of Mr. Jhunjhunwala. May his soul rest in peace,” the airline said in its condolence message.
Often referred to as India’s own Warren Buffet, he was not keeping well for the past few days and breathed his last today at Breach Candy Hospital in Mumbai.
“At Akasa we cannot thank Mr. Jhunjhunwala enough enough that he put his trust and faith in us early on and put his trust and faith in us to build a world class airline. Mr. Jhunjhunwala had an invincible spirit, which every Indian should have. Deeply passionate about and caring deeply about the well being of our employees and customers. Akasa Air will honor Mr. Jhunjhunwala’s legacy, values and belief in us by striving to run a great airline,” the airline said.
— Akasa Air (@ Akasa Air) 14 August 2022
Akasa Air took off in the Indian skies earlier this month.
“Mr. Rakesh Jhunjhunwala ji was not only a shrewd businessman, but he also invested passionately in India’s growth story. He will be remembered for giving India his new airline, Akasa Air, more than a decade later. His family And my deepest condolences to the loved ones.” Union Civil Aviation Minister Jyotiraditya Scindia had earlier tweeted.
Recalling the inauguration of Akasa Air on August 7, Mr. Scindia said that he did not know the hardships Jhunjhunwala was going through.
Scindia later told ANI, “He was the epitome of India’s entrepreneurial spirit. I believe the things he achieved and established will be a source of inspiration for thousands of youth.”
Jhunjhunwala was born on 5 July 1960. He grew up in Mumbai.
After graduating from Sydenham College in 1985, he joined the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.
Jhunjhunwala ran a privately owned stock trading firm called Rare Enterprises.
A lot of people questioned why Jhunjhunwala planned to start an airline when the aviation sector was not doing well, to which he replied, “I say I am ready for failure.”
He was always excited about India’s stock market and most of the stocks he bought turned into multibaggers.
Prime Minister Narendra Modi tweeted, “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he made an indelible contribution to the financial world. He was also very passionate about India’s progress.”
PM Modi said, “His demise is sad. My condolences to his family and fans. Om Shanti.”
“Shocked by the sudden demise of veteran investor, Mr. Rakesh Jhunjhunwala. He will be remembered for his contribution to business and industry. He was at the fore in creating a culture of investing in the Indian stock markets. Condolences to his family and many fans, Defense Minister Rajnath Singh tweeted.
“Sad to learn 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 bullish outlook. My deepest condolences to his family. Om Peace be in peace,” Union Home Minister Amit Shah tweeted.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)