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, Antonov to Collaborate on Defense Projects

– MOU represents Boeing’s commitment to work with Ukrainian industry

– Includes exploring opportunities for collaborating on in-country support of Unmanned Aerial Systems

A Memorandum of Understanding was signed today by Boeing and Antonov Company to investigate potential collaboration on defense-related projects.

“We’re happy to keep collaborating with the Antonov Company to help Ukraine’s economic development and expansion,” stated Ted Colbert, CEO and president of Boeing Defence, Space, & Security.

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“This agreement demonstrates our ongoing efforts to find more opportunities to work with Ukrainian industry, which was underscored by our signing of the Ukrainian Defence Industry Compact earlier this year.”

The areas of potential collaboration identified in the agreement consist of training, logistical support and overhaul services for tactical Unmanned Aerial Systems utilized by the Ukrainian Armed Forces, which includes the ScanEagle. In addition, the companies will also explore opportunities for Antonov to provide engineering support to Boeing.

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“A strong, innovative, and efficient defense industry is key to sustainable economic development and national security, and we are extremely excited to collaborate with Boeing,” said Ievhen Gavrylov, CEO of Antonov Company.

This agreement brings a whole new level of opportunity to implement the latest and most effective solutions – in addition to the possibility of future projects with Boeing in the aerospace and defense industry.”