Akasa Air founder, top broker Rakesh Jhunjhunwala has passed away at the age of 62 (Ld)

Mumbai 14 Aug : A top broker-investor, and founder of the newly launched Akasa Air Rakesh Jhunjhunwala died here early on Sunday, a close associate said.

Sometimes called the "King" of Bulls in the markets, Jhunjhunwalas most recent venture Akasa Airs first flight launched exactly one week ago on August 7 on a Sunday.He was also thrust into the spotlight for his palace-like new home that is set to be built in Malabar Hill in south Mumbai and was also in the board of many prominent companies.Jhunjhunwala was estimated to have a net worth of $5.5 Billion (as of July 2022) which was the 36th richest person in India.Jhunjhunwala was chairman of Hungama Media and Aptech and director of Viceroy Hotels, Concord Biotech, Provogue India, and Geojit Financial Services.

Jhunjhunwala invested at least Rs 5000 in capital in 1985.The amount was increased to 11,000 rupees by the end of September.

The first huge revenue of Rakesh Jhunjhunwala was Rs 5 lakh in 1986.Between 1986 and 1989 he was able to earn around Rs 20-25 lakh.

Akasa Air is an Indian airline founded by Rakesh Jhunjhunwala, who was the ex- Jet Airways CEO Vinay Dubey.There are currently two aircraft with an additional orders for 70 more aircraft and has flights to three cities as of the 9th of August.qn/manish/dpb .