Rakesh Jhunjhunwala no more: Akasa Air condoles owner's demise, 'Will honour his legacy'

Rakesh Jhunjhunwala-backed Akasa Air on Sunday released a statement on the sudden demise of the owner of the airline saying that they will honour his legacy. Notably, the ace investor and the "Big Bull" of the Indian stock market who was suffering from multiple health issues, died on Sunday morning in Mumbai.

In the statement, the Rakesh Jhunjhunwala-backed airline said that they are "deeply saddened" by the untimely death of Jhunjhunwala while expressing their grief. "We are deeply saddened by the untimely demise of Mr Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr Jhunjhunwala’s family and friends. May his soul rest in peace," Akasa Air said in a statement.

Adding further, the airline said, "We at Akasa cannot thank Mr Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline." The airline lauded Jhunjhunwala for his "invincible spirit" and said that he was passionate about "everything Indian".

"Mr Jhunjhunwala had an invincible spirit was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers. Akasa Air will honour Mr Jhunjhunwala’s legacy, values and belief in us by striving to run a great airline," Akasa Air said.

'He will be remembered for giving India its new airline': Jyotiraditya Scindia

Union Civil Aviation Minister Jyotiraditya Scindia on Sunday paid his tribute to the co-founder of the Akasa Air airline and said, "Rakesh Jhunjhunwala Ji was not only an astute businessman but also passionately invested in India’s growth story."

Scindia, who had recently inaugurated the first flight of Akasa Air on August 07, further added, "He will be remembered for giving India its new airline Akasa Air after more than a decade. My deepest condolences to his family and loved ones."

Akasa Air's first flight takes off from Mumbai

The newly launched Akasa Air took off on August 7, from Chhatrapati Shivaji Maharaj International Airport in Mumbai after the airline got its air operator certificate from the Directorate General of Civil Aviation (DGCA) on July 7.

Thanking the Aviation Ministery, Jhujhunwala, who was present at the Mumbai airport during the take-off of Akasa's first flight, in his speech said, "I must thank you (Scindia) because people say that India has a very bad bureaucracy but, the cooperation that the Ministry of Civil Aviation has given us, it is unbelievable." 

"Nowhere in the world has an airline been conceived and born in 12 months. Normally a child is born in nine months, we took 12 months. It would not have been possible without the cooperation of the Ministry of Civil Aviation," he was quoted by news agency PTI. 

Notably, Jhunjhunwala famously referred to as the "Big Bull of Dalal street" and "King of Bull Market" died at the age of 62 on Sunday morning. As per reports, Jhunjhunwala had been in a wheelchair for a long time and suffered from multiple health issues. He was brought to Mumbai's Breach Candy hospital at 6:45 am, where the doctors declared him dead.