The Cost PDF Free Download

10/3/2021by admin

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What has happened?

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  • Ace investor Rakesh Jhunjhunwala is betting big on the country’s aviation sector and is planning to start a new low-cost airline.
  • The 61-year-old billionaire plans to start the airline within the next four years, with a fleet of 70 aircraft, reported Bloomberg.com.
  • Rakesh Jhunjhunwala is optimistic that more people will travel by air in future.
  • Rakesh Jhunjhunwala is considering investing $35 million for the venture and would own 40% stake in the airline.
  • Jhunjhunwala that he expects to get a no-objection certificate from the country’s aviation ministry in the next 15 days.
  • Rakesh Jhunjhunwala said the ultra-low-cost airline will be called Akasa Air and the team,
  • Comprising a former senior executive of Delta Air Lines Inc., is searching for planes that can carry at least 180 passengers.

Confident in aviation sector?

  • It is a bold move by Jhunjhuwala, popularly known as India’s Warren Buffett, as the aviation industry has been going through a period of distress due to the Covid-19 pandemic.
  • However, Rakesh Jhunjhunwala seems confident about the venture and is looking at opportunities to woo flyers with a brand- new carrier offering low fares.
  • “For the culture of a company to be frugal you’ve to start off fresh.“
  • “I’m very, very bullish on India’s aviation sector in terms of demand,” he added.
  • Although Rakesh Jhunjhunwala remains bullish about the aviation sector,
  • All airlines were impacted by the pandemic and faced severe financial distress when restrictions were imposed to reduce Covid infections.

Trouble in aviation sector

  • While demand for air travel has been hit globally, India’s aviation industry is at greater risk of delayed recovery, due to the looming risk of the third COVID-19 wave.
  • Airlines are feeling its impact.
  • Vistara, which is owned by Singapore Airlines Ltd, is in discussions with Boeing Co. and Airbus SE to delay aircraft deliveries and make changes to the payment timetables.
  • IndiGo, India’s largest airline, also reported a heavy loss as COVID-19 lockdown crimped its revenue.
  • Owing to the second wave of the pandemic, IndiGo’s Q1 FY22 loss widened to 3,174 crore.

But is it just about pandemic?

Reader
  • Even before the pandemic had hit big airlines such as Kingfisher Airlines Ltd., had to close their doors and put a stop to its operations back in 2012.
  • This was the second biggest airline in the industry at the time in the domestic carrier segment.
  • Similarly, there was also the collapse of Jet Airways India Ltd., which collapsed in 2019 after it was approved to fly once more.
  • However, Rakesh Jhunjhunwala, whose estimated net worth of about $4.6 billion, remains undeterred, said,
  • “I think some of the increment players may not recover. But I’ve got some of the best airline people in the world as my partners.”
  • This would not be the first time when Jhunjhunwala has invested in the aviation sector.
  • He had owned over 1% stake in SpiceJet and had also owned 1% in Jet Airways.
  • Despite the threat of a third virus wave looming above aviation and other industries in India, Jhunjhunwala is of the opinion that the country may evade another brutal round of the pandemic due to the expansion of the immunisation drive.
  • He had said, “Nobody predicted the second wave and now everyone is talking about the third wave.
  • With vaccination exercise picking pace and immunity growing, I don’t think there is going to be the third wave. Plus, the economy is better-prepared now.”

Risks in aviation sector

  1. Volatile crude oil prices
  2. Fluctuations in the exchange rate
  3. High debt
  4. Changes in macro environment
  • According to ICRA report, the industry’s debt level will increase to Rs 50,000 crore (excluding lease liabilities) over FY 2021-22 and the industry will require an additional funding of Rs 35,000 crore to 37,000 crore over FY21 to 23.
  • While some airlines have sufficient liquidity and financial support from a strong parentage which will help them sustain over the near term, there are other airlines which are already in financial stress and are now facing several issues.

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Q) Which airport has become the world’s first airport to completely operate on solar power?

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  1. Amritsar international Airport
  2. Sardar Vallabhbhai Patel International Airport
  3. Kochi Airport
  4. Hyderabad International Airport

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