Aviation Ministry gives nod to Rakesh Jhunjhunwala-backed Akasa Air to operate in India
New Delhi, Oct 11: The Ministry of Civil Aviation has given a no-objection certificate (NOC) for the operation of Rakesh Jhunjhunwala-backed new airline 'Akasa Air' in India, a company statement said on Monday.
The new airline aims to start operations by the summer of 2022, the holding company, SNV Aviation Private Limited, said.
Akasa Air is backed by ace investor Rakesh Jhunjhunwala and ex-Jet Airways CEO Vinay Dube.
We are extremely happy and grateful to the Ministry of Civil Aviation for their support and for the grant of the NOC," Dube, who is now the CEO of Akasa Air, was quoted as saying in the statement.
"We will continue to work with the regulatory authorities on all additional compliances required to successfully launch Akasa Air," he added.
Akasa Air also has former IndiGo president Aditya Ghosh on its board.
The airline plans to operate approximately 70 planes in the next four years.
Airbus is in conversation with Akasa for an aircraft procurement deal, Airbus' Chief Commercial Officer Christian Scherer told PTI last week.
Akasa has been in discussions with US plane manufacturer Boeing to procure its B737 Max planes, multiple media reports had said two months back. Airbus' A320 series of aircraft competes with Boeing's B737 series of planes in the aviation market.
Dube said on Monday: At Akasa Air, we believe having a robust air transportation system is critical for our nation's progress. It is this belief that has motivated us to create a modern, efficient, quality-conscious airline."
Akasa Air will serve all Indians regardless of their socio-economic or cultural backgrounds with warmth, inclusiveness and respect, he stated.
"Because at the end of the day, it is these qualities that connect people and cultures and help Indians realise their dreams, he added.
Prime Minister Narendra Modi on October 5 met Jhunjhunwala, noting that he is very bullish about the Indian economy.
"Delighted to meet the one and only Rakesh Jhunjhunwala... lively, insightful and very bullish on India," Modi had tweeted.
When asked on October 8 at the 'India Today Conclave 2021' about his meeting with the PM, Jhunjhunwala, without divulging much, had said they talked about the economy.
"I told the prime minister that the economy is going to take off," he had noted.
When asked about his entry into the aviation sector when some companies have gone bust, Jhunjhunwala had replied, he cannot say much but he is prepared for any outcome.
"We will see what happens. If it becomes successful, I will tell you about it and if it fails, I will simply say I didn't do anything much about it. I am taking a conscious risk...I am hopeful and prepared for failure," he had added.
Delighted to meet the one and only Rakesh Jhunjhunwala...lively, insightful and very bullish on India. pic.twitter.com/7XIINcT2Re
— Narendra Modi (@narendramodi) October 5, 2021
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Melinda French Gates resigns as Gates Foundation co-chair, 3 years after her divorce from Bill Gates
New York, May 13: Melinda French Gates will step down as co-chair of the Bill & Melinda Gates Foundation, the nonprofit she and her ex-husband Bill Gates founded and built into one of the world's largest philanthropic organisations over the past 20 years.
“This is not a decision I came to lightly,” French Gates posted on the X platform on Monday. “I am immensely proud of the foundation that Bill and I built together and of the extraordinary work it is doing to address inequities around the world.”
She praised the foundation's CEO, Mark Suzman, and the foundation's board of trustees, which was significantly expanded after the couple announced their divorce in May 2021.
“The time is right for me to move forward into the next chapter of my philanthropy,” French Gates wrote in her statement. She organises some of her investments and philanthropic gifts through her organisation, Pivotal Ventures, which is not a nonprofit.
Bill Gates thanked French Gates for her “critical” contributions to the foundations in a statement, saying, “I am sorry to see her leave, but I am sure she will have a huge impact in her future philanthropic work.”
French Gates will receive $12.5 billion as part of her agreement with Gates, which she said would commit to future work focused on women and families.
The Gates Foundation did not immediately return a request for comment about whether those assets would come from the foundation itself. In an emailed statement, the foundation said that Suzman announced the decision to employees on Monday.
“After a difficult few years watching women's rights rolled back in the US and around the world, she wants to use this next chapter to focus specifically on altering that trajectory,” Suzman said of French Gates.
Suzman said he knew many had joined the foundation in part because of their admiration for her advocacy, especially around gender equity.
“I know how beloved Melinda is here,” Suzman wrote.
The Gates Foundation holds $75.2 billion in its endowment as of December 2023, and announced in January, it planned to spend $8.6 billion through the course of its work in 2024.
The Associated Press receives financial support for news coverage in Africa from the Bill & Melinda Gates Foundation and for news coverage of women in the workforce from Pivotal Ventures.
