Aviation

Akasa Air Founder Rakesh Jhunjhunwala No More, Passes Away At 62

Rakesh Jhunjhunwala, a renowned investor, passed away this morning in a Mumbai hospital. He was 62.
Around 6.45 am, Rakesh Jhunjhunwala underwent a heart arrest and was taken to the Breach Candy Hospital. The hospital staff proclaimed him dead when he arrived.

He received treatment for kidney-related problems at the same hospital before being discharged a few weeks ago.

According to Forbes, the seasoned trader-cum-investor, also known as the Big Bull of Dalal Street, was estimated to have a net worth of almost $5.5 billion.

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He worked as a promoter for the just launched Akasa Air airline in India. Mr. Jhunjhunwala, who had a number of health difficulties, was spotted using a wheelchair during the Akasa Air inauguration.

He was known as “India’s Warren Buffett” and had a generally positive outlook for the nation’s stock market.

SNV Aviation Private Limited’s Akasa Air is a low-cost airline with its main office in Mumbai, Maharashtra, India. Rakesh Jhunjhunwala, an Indian millionaire, founded it. After obtaining its first Boeing 737 MAX aircraft, the airline launched its commercial operations by operating its inaugural route from Mumbai to Ahmedabad on August 7, 2022.

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Aviation

COMAC Secures $1.5B Regional Jets Order Deal with Hainan Airlines

In a move to strengthen its fleet and boost regional service, Hainan Airlines Holding Co. announced plans to acquire 40 ARJ21-700 jets from China’s state-owned Commercial Aircraft Corp. of China (COMAC). As reported by Bloomberg.
The total deal, valued at up to $1.52 billion, highlights Hainan Airlines’ commitment to expanding its domestic reach with locally manufactured aircraft. The low-cost carrier Urumqi Air, part of Hainan’s group, will operate these jets under the deal, which outlines the delivery of aircraft in batches starting in 2025 and concluding by 2032.
Air China to Launch COMAC’s C929 in a Bid to Rival Boeing and Airbus
The ARJ21-700, China’s first independently developed regional jet, is designed for short- to medium-haul routes, making it a strategic fit for Urumqi Air’s service network. This regional jet features a seating configuration of 78 to 97 passengers, comac c919 price along with a range of 2,225 to 3,700 kilometers—ideal for connecting smaller cities across China.
With this acquisition, Urumqi Air aims to further bolster regional connectivity, meeting the growing demand for efficient, economical travel options.In line with COMAC’s established naming conventions seen with the C919 narrowbody and the upcoming C929 widebody aircraft, the ARJ21-700’s designation emphasizes COMAC’s expanding product lineup.
Notably, in mid-October 2024, this updated jet model name was spotted on aircraft at Shanghai Pudong Airport, stirring anticipation about COMAC’s future plans.