Rakesh junjunvaalaa, known as one of the leading players in India for the Jhunjhunwala airline industry, is reportedly set to become a major shareholder in the company. A team of airline professionals, including Vinay Dubai, the former CEO of Jet Airways, has come forward to launch a low-cost airline called 'Akash'. The application has been submitted to the Ministry of External Affairs for preliminary approval. There are indications that Junjunwala will take up to 40% of the shares and that a foreign investor will be the main partner.
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