New Delhi. Civil Aviation Minister Jyotiraditya Scindia on Sunday condoled the death of Rakesh Jhunjhunwala, saying he will be remembered for giving India a new flight company 'Akasa Air' after more than a decade. Jhunjhunwala, a veteran investor in the stock market, known as India's 'Warren Buffet', died in Mumbai on Sunday morning. Jhunjhunwala's 'net worth is $5.8 billion (Rs 46,000 crore). He holds a 40 percent stake in Akasa Air. Scindia had flagged off the first flight of Akasa Air from Mumbai to Ahmedabad on August 7. Akasa Air received a flight operation certificate from the Directorate General of Civil Aviation (DGCA) on July 7.
Scindia said on Sunday, “Shri Rakesh Jhunjhunwala Ji was not only a skilled businessman but also invested in the development of India. He will be remembered for giving India a new flight company, Akasa Air, after more than a decade. I extend my condolences to his family and loved ones." Jhunjhunwala was present at the Mumbai airport on August 7 while flagging off the first flight of Akasa Air. Jhunjhunwala had then said in his address, "I must thank you (Scindia) because people say that India has a very bad bureaucracy but the cooperation given to us by the Ministry of Civil Aviation is unbelievable." That no airline anywhere in the world has been conceived in the 12 months since it has been embodied. "Usually a baby is born in nine months, it took us 12 months. This would not have been possible without the cooperation of the Ministry of Civil Aviation.