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

Boeing Resumes 737 MAX Manufacturing After Seven-Week Strike

In a crucial move for its recovery, Boeing has restarted production of its best-selling 737 MAX jetliner, about a month after a significant seven-week strike involving 33,000 factory workers came to an end.

This marks a key milestone for the planemaker, which has been facing considerable challenges in recent years, including heavy debt and a series of setbacks.

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According to the report from Reuters, Boeing resumed the production of the 737 MAX jetliner last week, a pivotal step as the company aims to meet the growing global demand for air travel. With over 4,200 orders from airlines, Boeing’s ability to get the 737 MAX production line back in motion is vital for its financial recovery.

Although Boeing had previously planned to restart production earlier, the company faced numerous obstacles that delayed this process. Federal Aviation Administration (FAA) head Mike Whitaker told Reuters on Thursday that while Boeing had not yet resumed production, they had plans to restart by the end of the month.

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The road to this point has been rocky for Boeing. Setbacks such as the tragic fatal crashes of the 737 MAX, the COVID-19 pandemic, ongoing supply chain issues, production safety concerns, and increased regulatory scrutiny have all contributed to delays in the company’s efforts to ramp up production.

The seven-week strike, which involved thousands of Boeing’s factory workers, added yet another hurdle. Despite these challenges, production of the 737 MAX officially resumed on Friday, according to one of the anonymous sources.

Boeing, however, declined to comment on the matter. The planemaker is now focused on reaching its goal of producing 56 737 MAX airplanes per month, a target that has been delayed due to the many issues that have beset the company over the past few years.