It has been announced that the founder of the latest Indian airline Akasa Air, Rakesh Jhunjhunwala unexpectedly passed away in the early hours of Sunday morning aged 62. The investor was taken to Mumbai Breach Candy hospital around 6:45 in the morning, yet had unfortunately already died.
This shocking news has come only 7 days after the launch of Akasa Air, Jhunjhunwala’s latest investment. On August 7th, Akasa Air’s first ever flight took off between Mumbai and Ahmedabad. The cause of death has not been confirmed, however, several news sources have stated that he did recently face some complicated health issues that may have contributed to this.
Jhunjhunwala’s powerful presence within India’s economic history
The news of his passing has come as a huge shock to everyone in India, particularly those who are a part of the aviation industry as it has been highlighted that Jhunjhunwala played a pivotal role in its development. Often keyed as “Indian’s Warren Buffet”, the Akasa air founder has been extremely successful in the career that he has built for himself from scratch. It has been said that from the age of 25, Rakesh Jhunjhunwala began investing in the stock market, starting with only $100. This investment was just the beginning of his success as he grew to make the most profitable investments in companies such as Titan ltd, which is now one of India’s ‘biggest jewellery firms’. It has been also been announced by Forbes magazine that the mogul had an estimated net worth of a high $5.8bn, depicting the heights of his triumph.
A shock to the nation
Endless amounts of tributes have poured on social media, particularly on Twitter, for the mogul, as many have expressed how shocked they were to hear the upsetting news. The Indian prime minister Narendra Modi was the first to address the news on Twitter and note how saddened he was about the news.
“Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti.”
Furthermore, the Civil Aviation minister Jyotiraditya Scindia has shared his thoughts on the Akasa Air founder on Twitter, praising all of his hard work and ambition that he expressed whilst he “invested in India’s growth story”.
This is indeed shocking news that has rocked many in India. It is unknown how much this will affect the development of Akasa Air though the airline may face some changes to what Jhunjhunwala had planned for it.
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