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<ul><li>The sudden demise of founder <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword> raised questions over the future of <keyword id="11911527" type="General" weightage="20" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>.</li><li>However, CEO Vinay Dube has emphasised that Akasa Air’s future and operations are secure.</li><li>It is India’s seventh airline along with IndiGo, Air India, Vistara, SpiceJet, Go Airlines and Jet Airways.</li></ul>Akasa Air is well-capitalised to induct 72 aircraft over the next five years thanks to the visionary role played by Rakesh Jhunjhunwala, the newly launched airline’s CEO Vinay Dube said on Wednesday. He noted that the company’s financial platform was strong enough to allow Akasa to place a much larger aircraft order in the next 18 months. Akasa Air was the latest venture of stock market mogul Rakesh Jhunjhunwala, who passed away on Sunday morning. The airline took its maiden flight on <a href="https://www.businessinsider.in/india/news/akasa-air-takes-to-the-skies-flagged-off-by-civil-aviation-minister/articleshow/93420016.cms">August 7</a>, exactly a week before his death. “In simple terms, our growth is secure,” Dube said on Tuesday, taking delivery of Akasa Air’s third aircraft. The sudden demise of Akasa Air’s founder Jhunjhunwala raised questions over the future of the airline. However, Dube has repeatedly emphasised that Jhunjhunwala demise was not going to have an impact on the airline’s operations and future. “We are also thankful that Mr. Jhunjhunwala supported us in recruiting some of the best aviation talent in the country. He wanted us to have a top-notch leadership team that made all day-to-day decisions at the airline without having to fall back on him or any other investor. Anyone that saw him on our inaugural flight on August 7th knows how proud he was of each Akasa employee and partner,” Dube said. READ MORE: <a href="https://www.businessinsider.in/thelife/personalities/news/rakesh-jhunjhunwala-the-man-beyond-the-trader/articleshow/93592898.cms">Life and times of Rakesh Jhunjhunwala — the man behind the trader</a> He noted that Jhunjhunwala recognised India’s potential to be one of the fastest-growing aviation markets in the world. “Akasa Air will honour Mr. Jhunjhunwala’s legacy, values, and belief in us by striving to run an extraordinary airline,” he concluded. The airline received<a href="https://www.google.com/search?q=Akasa+air+business+insider+rakesh+aOC&amp;rlz=1C1CHBD_en__960__960&amp;ei=5rv8YoXxEPydseMPnNCA6AE&amp;ved=0ahUKEwiF_PnQzs35AhX8TmwGHRwoAB0Q4dUDCA4&amp;uact=5&amp;oq=Akasa+air+business+insider+rakesh+aOC&amp;gs_lcp=Cgdnd3Mtd2l6EAMyBQghEKABMgUIIRCgAToHCAAQRxCwAzoKCAAQRxCwAxDJAzoFCAAQogQ6BwghEKABEApKBAhBGABKBAhGGABQ9AJY1AdgngpoAXAAeACAAakCiAGqB5IBAzItNJgBAKABAcgBCMABAQ&amp;sclient=gws-wiz"> its Air Operator Certificate (AOC) </a>from the civil aviation regulator Directorate General of Civil Aviation (DGCA) in July this year. It is India’s seventh airline along with IndiGo, Air India, Vistara, SpiceJet, Go Airlines and Jet Airways. SEE ALSO <a href="https://www.businessinsider.in/thelife/personalities/news/rakesh-jhunjhunwala-the-man-beyond-the-trader/articleshow/93592898.cms">Life and times of Rakesh Jhunjhunwala — the man behind the trader</a> <a class="tout-title-link" href="https://www.businessinsider.in/business/news/after-netflix-indian-regional-platform-aha-pins-its-hope-on-advertising-to-bring-in-revenue-and-profitability/articleshow/93587302.cms">Aha takes the Netflix way to reach out to subscribers from small towns</a> <a href="https://www.businessinsider.in/stock-market/news/markets-to-continue-its-gaining-streak-ahead-of-us-fed-policy-outcome/articleshow/93606421.cms">Markets to continue its gaining streak ahead of US Fed policy outcome</a>

Akasa Air has enough capital to induct 72 aircraft thanks to Rakesh Jhunjhunwala’s visionary role, says CEO

<ul><li><keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword>’s <keyword id="11911527" type="General" weightage="20" keywordseo="akasa-air" source="Orion">Akasa Air</keyword> has received its first aircraft from Boeing.</li><li>The aircraft will fly to Delhi early next week, even as the airline is yet to receive its air operator permit.</li><li>Akasa Air plans to launch its first domestic flight in July this year.</li><li>It has ordered 72 planes in total and aims to get 18 planes by March 2023.</li></ul>Rakesh <keyword id="45125" type="General" weightage="20" keywordseo="jhunjhunwala" source="Orion">Jhunjhunwala</keyword>’s Akasa Air on Thursday announced that it has received the delivery of its first aircraft, Boeing 737 Max, in Seattle. The airline had shared the first images of its aircraft a couple of weeks ago. Akasa Air has ordered 72 planes in total and aims to get 18 planes by March 2023. "Flying an advanced, environmentally progressive 737 MAX fleet with greater fuel efficiency and lower operating costs will enable Akasa Air to profitably serve the Indian market while passing those savings on to its passengers,” Stan Deal, president and CEO of Boeing Commercial Airplanes, said. “This is indeed a symbolic milestone in the journey of Akasa Air, bringing us one step closer to the process of obtaining our AOP [Air Operator Permit] and leading to out commercial launch, focused on the task of delivering on our vision to transform India’s air transportation ecosystem, support the nation’s economic growth engine and help fellow Indians chase their dreams,” Vinay Dube, founder, MD and CEO of Akasa Air, said. Akasa Air, which is owned by Rakesh Jhunjhunwala, was founded by former Jet Airways chief Dube and former IndiGO president Aditya Ghosh. It has already signed up 154 pilots for the airlines, about 26 of these pilots are already on the company’s payroll. Besides this, it has also signed up 115 cabin attendants and 14 engineers to join the company. The company plans to launch its first domestic flight in July this year. It will be eligible for international travels once it has boarded 20 aircrafts in its fleet. <cmsannotation type="cmsannotation" annotationid="Seventh Indian airline to have a bird in the sky" comment="subhead" text="Seventh Indian airline to have a bird in the sky">Seventh Indian airline to have a bird in the sky</cmsannotation> Akasa Air will be India’s seventh airline with IndiGo, Air India, Vistara, SpiceJet, Go Airlines and Jet Airways, which resumed its operations in April this year Akasa Air is yet to appear before the Director General of Civil Aviation (DGCA) for a proving flight, which is a requirement to get the license of an air operator. The company received its initial no-objection certificate on October 11 and has applied for Air Operator Permit (AOP). SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/ril-hdfc-sbi-zomato-among-stocks-to-watch-out-for-on-june-16/slidelist/92242578.cms">RIL, HDFC, SBI, Zomato among stocks to watch out for on June 16</a> <a href="https://www.businessinsider.in/business/startups/news/cashe-is-now-offering-instant-loans-on-whatsapp-in-30-seconds/articleshow/92230354.cms">A company is now offering instant loans on WhatsApp in 30 seconds</a> <a href="https://www.businessinsider.in/business/startups/news/ronnie-screwvalas-upgrad-is-now-worth-more-than-2-billion/articleshow/92227976.cms">Ronnie Screwvala's UpGrad reportedly worth over $2 billion after fund infusion by Lakshmi Mittal and Sunil Bharti Mittal</a>

Ready to take off – Rakesh Jhunjhunwala's Akasa Air receives its first Boeing aircraft

<keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s new airline, <keyword id="11911527" type="General" weightage="80" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>, on Thursday got its <keyword id="4542593" type="General" weightage="20" keywordseo="air-operator-certificate" source="Orion">Air Operator Certificate</keyword> (<keyword id="212097" type="General" weightage="80" keywordseo="aoc" source="Orion">AOC</keyword>) from the Directorate General of Civil Aviation (DGCA). "The grant of the AOC is the final step of a comprehensive and rigorous process laid down by the DGCA and marks the satisfactory completion of all regulatory and compliance requirements for the airline's operational readiness," Akasa Air said in a statement. The airline added that it is the first airline whose end-to-end AOC process was conducted using the government's progressive eGCA digital platform. The process concluded with the airline having successfully conducted a number of proving flights under the supervision of the country's aviation regulator, the company said. "We now look forward to opening our flights for sale, leading to the start of commercial operations by late July. This will begin our journey towards building India's greenest, most dependable and most affordable airline," said Vinay Dube, Founder and Chief Executive Officer, Akasa Air. Akasa Air, whose airline code is QP, received its first 737 MAX on June 21. Later this month, the airline will commence commercial operations with two aircraft, subsequently adding to its fleet every month. By the end of the 2022-23 fiscal, the airline will have inducted 18 aircraft and thereafter 12-14 aircraft every 12 months, which will make up its order of 72 delivered over five years, the company said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/voice-tech-is-evolving-rapidly-here-are-the-top-trends-in-voice-tech-to-watch-for/articleshow/92727686.cms">Voice tech is evolving rapidly. Here are the top trends in voice tech to watch for</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/taiwanese-crypto-exchange-suspends-trading-in-rupees-after-tds-laws-kick-in/articleshow/92727555.cms">Taiwanese crypto exchange suspends trading in Rupees after TDS laws kick in</a>

Rakesh Jhunjhunwala-backed Akasa Air to start operations this month

The bull has sadly left the sand pit before his time, very much at the peak of his prowess. Putting an end to all speculation, legal fraternity sources have revealed that top stockbroker and <keyword id="6504177" type="General" weightage="50" keywordseo="big-bull" source="Orion">Big Bull</keyword> Rakesh <keyword id="45125" type="General" weightage="100" keywordseo="jhunjhunwala" source="Orion">Jhunjhunwala</keyword> has left a will which will provide direction and intent on his heirs and the handling of his colossal <keyword id="27145" type="General" weightage="20" keywordseo="fortune" source="Orion">fortune</keyword> hereafter. Jhunjhunwala, whose fortune is believed to be worth approximately ₹50,000 crore, had arranged to ensure his estate, including shares and <keyword id="6354516" type="General" weightage="20" keywordseo="property" source="Orion">property</keyword>, is bequeathed to his wife and three children. In fact, he would often speak about his fourth child - charity. A part of his fortune will thus definitely go towards his favorite charities. His assets - direct holdings in listed and unlisted companies as well as immovable properties - would therefore pass on to his wife and three children, said a person from the legal fraternity on condition of anonymity. Known for his value investing model, the Big Bull is also known to own 35 company holdings. His major investments are in: construction and contracting (11 per cent), miscellaneous (nine per cent), banks (private sector) (6 per cent), finance (general) (6 per cent), construction and contracting (civil) (6 per cent), pharmaceuticals (6 per cent), and banks (public sector) (3 per cent). Jhunjhunwala has three children - daughter Nishtha (18) and twin sons, Aryamaan and Aryavir (13). He would call charity his fourth child. While his listed holdings are reportedly worth ₹50,000 crore, his immovable properties include a sea-facing building in Malabar Hill, Mumbai, purchased from Standard Chartered Bank for ₹176 crore in 2013, and a holiday home in Lonavala. Moreover, his long time legal associate Berjis Desai is reportedly the main executor of the will. The will be read out in the presence of his family after all the Hindu rituals are completed. Desai, who is ex-managing partner of J Sagar Associates, has known the value investor for close to 25 years. He is now an independent legal counsel engaged in private client practice, that is, succession and estate planning for HNIs and promoter families through wills, trusts and family arrangements; resolving family, testamentary and business disputes through mediation and confidential fast track arbitration; and regulatory aspects of offshore investments, residential status and citizenship, insolvency and asset reconstruction advisory. He was also a co-investor in Jhunjhunwala's new aviation venture <keyword id="11911527" type="General" weightage="20" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>. "I have made a small investment. I understand aviation is a high-risk, high-reward business and generally people are cynical about it. But I believe there will be a boom for low-cost airlines in next five-seven years. It is a bet on Jhunjhunwala's business acumen," Desai had said at the time of investing. This scotches speculation of all interlopers who were being perceived to be heirs to Jhunjhunwala's wealth. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtels-stock-surges-as-bharti-telecom-says-it-will-acquire-singtels-stake-for-1-6-bn/articleshow/93767761.cms">Airtel’s stock surges as Bharti Telecom says it will acquire Singtel’s stake for $1.6 bn</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/sanitary-pads-take-250-800-years-to-decompose-which-is-pushing-young-indians-to-opt-for-greener-alternatives/articleshow/93758591.cms">Sanitary pads take 250-800 years to decompose, which is pushing young Indians to opt for greener alternatives</a>

Rakesh Jhunjhunwala left a will to bequeath  ₹50,000 cr fortune to wife, children: sources

<ul><li>With the passing away of <keyword id="6398943" type="General" weightage="20" keywordseo="rakesh-jhunjhunwala" source="Orion">Rakesh Jhunjhunwala</keyword>, India has lost its biggest champion.</li><li>He had been widely known for his investment strategies, but he was also one of the biggest philanthropists in the country.</li><li>Even while battling illness, he opened an eye hospital where 80% of surgeries would be carried out free of cost.</li></ul>“When I became a billionaire in 2008, my father wasn’t interested in my net worth but in how much I was going to give away,” Rakesh Jhunjhunwala, India’s best known stock investor, had said nearly a decade ago. This is probably one of the reasons why Jhunjhunwala constantly endeavoured to strike the right balance between earning and giving back to the society. The man, dubbed as India’s Warren Buffett, was so much more than an Indian stock market mogul. He has been among the country’s most notable philanthropists – he wanted to give away a fourth of his wealth within his lifetime. He did achieve the target last year as he donated 25% of his annual income towards charitable work focused on the education sector, according to Edelgive Hurun India Philanthropy list. He donated approximately <a href="https://www.india.com/business/rakesh-jhunjhunwala-as-a-philanthropist-big-bull-donated-approx-rs-13-69-lakh-per-day-5571664/">₹13.69 lakh</a> per day last year. Jhunjhunwala <a href="https://www.businessinsider.in/india/news/akasa-air-founder-top-broker-rakesh-jhunjhunwala-passes-at-62/articleshow/93551704.cms">passed away </a>on Sunday morning, leaving a deep void. His stock picks had earned him a cult following, and his humble nature was praised by many. It was not long ago that Jhunjhunwala’s simple dressing sense became a source for many memes after his meeting with Prime Minister Narendra Modi. Son of an income-tax officer, Jhunjhunwala never forgot his roots no matter how much wealth he had accumulated over the years. “I would be driving the same car and having the same food even with 85% less wealth than now. At heart, I’m pure middle-class. If I don’t go to the office for a few days, my wife starts asking why you are home,” India’s <a href="https://www.forbes.com/india-billionaires/list/#tab:overall">36th </a>richest man had <a href="https://www.thehindubusinessline.com/markets/rakesh-jhunjhunwala-indias-warren-buffet-who-remained-a-middle-class-at-heart/article65768876.ece">said</a>. Jhunjhunwala stepped into philanthropy with St Jude, a free-of-cost shelter for underprivileged children battling cancer, which has helped over 31,262 children since its inception in 2006. His biggest charity was Agastya, which aims to impart knowledge of science to young students. Other than these, he also backed Ashoka University. Friends and the beneficiaries of these organisations have also <a href="https://www.outlookindia.com/business/the-oracle-of-dalal-street-rakesh-jhunjhunwala-news-216304">highlighted</a> that Jhunjhunwala didn’t just believe in only signing a cheque, but was also actively involved in these causes. The philanthropy didn’t end here. Even when he was battling health problems last year, Jhunjhunwala opened an eye hospital named after his father near Mumbai last June. The R Jhunjhunwala Sankara Eye Hospital follows a 20:80 model, where two in ten surgeries are subsidised for those who can afford it and the remaining eight are totally free of cost. The hospital is primarily built for patients from rural Maharashtra. Jhunjhunwala was born on July 5, 1960, and grew up in a Rajasthani family in Bombay. He entered the stock market with just ₹5,000 in 1985. He amassed a fortune worth an estimated $5.8 billion (roughly ₹46,042 crore) in his life span. His portfolio included 47 companies like Star Health, Titan, Canara Bank, Indian Hotels Company, Nazara Technologies and Tata Motors at the end of June. He also had holdings in Tata Communications, Bilcare, Federal Bank and Aptech. His latest venture was an airline – Akasa Air, which took its maiden flight exactly a week before his death on August 7. A Chartered Accountant by qualification and training, he was 62 and is survived by his wife Rekha and three children. “Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world,” Prime Minister Narendra Modi said on Sunday. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/heres-a-list-of-stocks-that-can-benefit-from-the-festive-season/articleshow/93579202.cms">Here’s a list of stocks that can benefit from the festive season</a> <a href="https://www.businessinsider.in/business/news/food-delivery-startup-qmin-claims-to-be-the-only-profitable-business-among-its-peers-like-zomato-swiggy/articleshow/93520527.cms">Taj Hotels’ Qmin food delivery app claims to be the only profitable business among its peers</a> <a href="https://www.businessinsider.in/entertainment/news/avatar-2-black-panther-2-ant-man-here-is-a-complete-list-of-hollywood-movies-expected-to-hit-indian-theaters-in-the-next-6-7-months/articleshow/93522825.cms">Avatar 2, Black Panther 2, Ant Man — Here is a complete list of Hollywood movies expected to hit Indian theaters in the next 6-7 months</a>

Life and times of Rakesh Jhunjhunwala — the man behind the trader

<ul><li>The top <keyword id="8153180" type="UNKNOWN" weightage="20" keywordseo="5-richest-families-in-India">5 richest families in India</keyword> hold a combined wealth of ₹9,22,600 crore crore. </li><li>The list includes Ambani who have ₹3,80,700 crore, Godrejs who have ₹1,57,000 crore and Hindujas who control ₹1,86,500 crore; occupy the top three positions. </li><li>According to the Hurun Research Institute, the top 10 <keyword id="6908858" type="UNKNOWN" weightage="20" keywordseo="richest-families-in-india">richest families in India</keyword> control more than half the country's businesses. </li></ul>The top ten richest families in India have a combined wealth of a massive ₹9,22,600 crore. And, they are not shy of showing it. According to Hurun Research Institute, the top 10 richest families in India control more than half the country's businesses. From the Ambani's family whose ₹3,80,700 crore comes from Reliance Industries; to Wadias who control a textiles-to-airlines group, here's a rundown of 10 wealthiest families in India. <keyword id="881409" type="PERSON" weightage="20" keywordseo="Ambani-family">Ambani Family</keyword> and their splendid lifestyle <div type="image" title="Mumbai: Industrialist Mukesh Ambani and wife Nita Ambani at the book launch of t..." msid="71323910" hostid="261" caption="Industrialist Mukesh Ambani and wife Nita Ambani at the book launch of the book &amp;#39;A Journey Forever&amp;#39; Authored Vijay Haribhakti (3rd from L) in Mumbai.Photo/Mitesh Bhuvad)("></div>
NetWorth: ₹3,80,700 crore Source of Income: Reliance Industries 
 Mukesh Ambani, his wife Nita, and their three children – Akash, Isha, Anant – make up India's richest family, whose wealth is at ₹3,80,700 crore. The whole country is in awe of them not just because of the wealth, but their glimmering lifestyle. The twins Akash and Isha’s weddings captured national and international attention. Not only did all of Bollywood dance to it, international popstar Beyonce's too performed at one of the functions. 
 <div type="image" title="f45f6e4737b8a785c52178517959b8ea" msid="71324114" hostid="261"></div>

 The Ambanis also reside at one of the world's most expensive homes Antilia — the 27-storey skyscraper in Mumbai that allegedly costs a billion dollars. Mukesh Ambani, chairman of Reliance Industries, was named richest person in India in the Hurun rich list for the 8th time in a row. His wealth is more than the combined wealth of country’s second and third richest who are --SP Hinduja family and Azim Premji, respectively. The <keyword id="2349569" type="PERSON" weightage="20" keywordseo="Godrej-family">Godrej family</keyword> is made of old money and new <div type="image" title="a33b9cac8ff8e00ea7d73291ba4100cd" msid="71324115" hostid="261"></div>
Networth: ₹1,57,000 crore Source of Income: Godrej Group The Mumbai-based Godrej family built its fortune from multiple businesses with interests across consumer goods, real estate, white goods and more. The patriarch of the family is Adi Godrej, the 77-year-old Indian billionaire with a net worth of US$2.9 billion. The 122-year-old conglomerate r<a href="https://www.livemint.com/companies/news/godrej-family-locked-in-a-dispute-over-land-seeks-external-advice-1561659296389.html">ecently ran into disputes over a vast land they hold in Mumbai</a>. The family sought external help to resolve the dispute. The Hindujas 
 <div type="image" title="Capture1" tempid="18690" msid="71324281" hostid="261"></div>

 Networth: ₹1,86,500 crore Source of Income: The <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> The Hinduja family has four siblings — Srichand, Gopichand, Prakash and Ashok. They run London-based conglomerate, the Hinduja group, which generates an annual revenue of $50 billion. P D Hinduja founded a merchant bank and trading company in 1914. Now, its trading operations are spread across every commodity except tobacco, alcohol and meat. It also expanded to many sectors including energy, foundries and more. The group is the fourth largest bus manufacturer in the world. In two decades, the Hinduja brothers increased their networth by 1,590%, from $1 billion in 1999 to $16.9 billion in 2019, <a href="https://www.forbes.com/profile/hinduja/#62a154084482">according to Forbes. </a> The Hinduja brothers are also one of the wealthiest in the UK. <a href="https://www.google.com/search?hl=en&amp;ei=QouNXZnaI4y89QOPxLGQDw&amp;q=Hidujas+asian+rich+list&amp;oq=Hidujas+asian+rich+list&amp;gs_l=psy-ab.3..33i21j33i160l2.87196.89511..89548...0.2..1.418.1880.2-2j3j1......0....1..gws-wiz.......0i71.58yxa5aXmYM&amp;ved=0ahUKEwiZg8PRkPDkAhUMXn0KHQ9iDPIQ4dUDCAs&amp;uact=5">The family’s net worth saw an increase of over three billion pounds in one year</a>, reported the Asian Rich List that positioned the family number one. They live in august company as their Carlton House Terrace mansion is close to Buckingham Palace in London. Adanis are in shipshape 
 <div type="image" title="18500316" tempid="18714" msid="71324282" hostid="261"></div>

 Networth: ₹120,900 crore Source of Income: The Adani Group Adanis family consists of billionaire <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>, his seven siblings and their families, is probably the largest family in the list. Their fortune is worth ₹120,900 crore, and the group owns India’s largest private port in Gujarat. The Adani group interests span across logistics, energy, agriculture, defense, and aerospace. In 25 years, Adani built one of India's largest infrastructure companies worth ₹4,700 crore. Adani group’s six companies — had a turnover ₹77,000 crore with ₹20,141 crore as operating profit in 2017-18. The Damanis of Dalal Street 
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 Networth: ₹77,500 crore Famous investor Radhakishan Damani along with his wife, daughter and brother form the country’s fifth richest family. They own the popular retail store D-Mart, is the primary source of the family’s vast income. Damani is a famous investor whose wealth doubled after a stellar listing of the retail chain on the stock exchanges in 2017. His daughter Manjri Chandak is a director at D-Mart. Radhakishan Damani who is often called the ‘Warren Buffet of India’, was also a mentor to ace investor, <keyword id="6398943" type="PERSON" weightage="20" keywordseo="rakesh-jhunjhunwala">Rakesh Jhunjhunwala</keyword>. The family has holdings in VST Industries, Sundaram Finance, India Cements, and Blue Dart. The family also owns the Radisson Blu resort at Alibaug, near Mumbai.

Here are the 5 richest families in India — who together hold a fortune of ₹9,22,600 crore

<ul class="summary-list"><li>Akasa Air, an ultra-low-cost Indian carrier, <a href="https://www.reuters.com/world/india/indias-akasa-air-orders-72-boeing-737-max-jets-2021-11-16/">placed</a> a $9 billion order for 72 Boeing 737 MAX Jets last week.</li><li>The airline could potentially lift up the entire Indian aviation segment, industry analysts say.</li></ul>Judith Philip is stressed. The 32-year-old auditor's work schedule is packed and her only retreat is travel, but the pandemic hit her sole recreation badly. To make up for lost time, Philip is pinning her hopes on an upcoming solo trip to Sri Lanka."I think I might do a lot of revenge travel once these restrictions are lifted and things get a bit better," Philip told Insider from the southern Indian city of Bangalore.She is among millions of travelers waiting in the wings to cruise Indian skies as the country's aviation sector braces for a shake-up. At the heart of this shake-up stands to be a freshly minted airline, Akasa Air. Ever since its public debut in July, Akasa has become the most talked-about airline in the country. And on November 16, it <a href="https://www.reuters.com/world/india/indias-akasa-air-orders-72-boeing-737-max-jets-2021-11-16/">placed</a> a $9 billion order for 72 Boeing 737 MAX jets. The airline could potentially lift up the entire Indian aviation segment, which has been grappling for several years, industry analysts say.Unlike <keyword id="11898285" type="UNKNOWN" weightage="60" keywordseo="airlines" source="Orion">airlines</keyword> that ground their fleets in capital Delhi or financial hub Mumbai, Akasa's fleet stands to be mostly based in the Indian tech capital of Bangalore. While Akasa's exact routes have not yet been announced, they are expected to reach less-travelled destinations at less expensive fares.Backed by billionaire investor Rakesh Jhunjhunwala – nicknamed <a href="https://www.forbes.com/profile/rakesh-jhunjhunwala/">India's Warren Buffett</a> and Big Bull for his smart investments — the carrier aims to be the resurrector of a turbulent domestic market in Asia's third-largest economy.But Jhunjhunwala and Akasa are entering the aviation industry at a historically difficult time: The pandemic is far from over, and the market is crowded, plagued by collapsing carriers, and difficult to turn a profit in.Jhunjhunwala did not respond to multiple requests from Insider for comment for this story.<h2>Room for growth</h2>Until the turn of the decade ending 2010, air travel was luxury only affordable for the affluent in <keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword>.A country of about 1.4 billion people, India has about<a href="http://www.knowindia.net/aviation7.html"> 650 passenger jets</a>. Domestic airlines carried 144 million flyers in 2019, according to the regulatory body <a href="https://www.dgca.gov.in/digigov-portal/?page=jsp/dgca/InventoryList/dataReports/aviationDataStatistics/handbookCivilAviation/HANDBOOK2018-19.pdf&amp;main4252/4205/sericename">Directorate General of Civil Aviation.</a> By comparison, the US (population 333 million) has over <a href="https://www.faa.gov/air_traffic/by_the_numbers/">5,000 civilian aircraft</a>, while China (population 1.44 billion) operates <a href="http://www.xinhuanet.com/english/2019-07/18/c_138237617.htm">close to 3,700</a> passenger jets.Today, trains remain the preferred mode for the long-distance journeys of the masses in India. In the 12 months <a href="http://indianrailways.gov.in/railwayboard/uploads/directorate/stat_econ/Annual-Reports-2019-2020/Year-Book-2019-20-English_Final_Web.pdf">ending March 2020,</a> Indian trains ferried over eight billion travelers.But as India's middle class grows and competing airlines keep the price of domestic airfare low, air travel is slowly becoming a viable mode of transport for more people. Delhi aims to unveil <a href="https://twitter.com/MoCA_GoI/status/1357015867448455169">over 200 new airports</a> across the vast country in the next four years and is rapidly expanding the existing airports. Prime Minister Narendra Modi's administration expects civil aviation to play a crucial role in its ambitious goal of making <a href="https://www.narendramodi.in/pm-modi-s-aspirational-call-for-5-trillion-dollar-economy-in-5-years-547486">India a $5 trillion economy </a>by 2024."We can expect huge growth in the next five to 10 years," Sanjay Kumar, chief strategy and revenue officer of IndiGo, told Insider of the Indian aviation market. IndiGo is India's market leader in domestic traffic <a href="https://www.ibef.org/industry/indian-aviation/showcase/indigo">with 55% share.</a>"The growing middle-class population will start traveling as the Americans or Chinese do. We've so far not seen this [in India] at all," Kumar added.<h2>A volatile market</h2>Until the second half of 2018, India was home to the fastest-growing aviation market in the world, with passenger numbers ballooning.Growth nosedived in 2019 due to factors including crew shortage, taxes on jet fuel, and unsustainable business models.At the heart of India's spiraling airline crisis was <a href="https://www.businessinsider.com/jet-airways-shuts-down-after-running-out-of-money-2019-4">the collapse of Jet Airways</a>, the country's oldest and first successful private airline. Mounting debts, poor acquisitions, and cheaper prices offered by rivals killed the 26-year-old Jet Airways.The Indian aviation market is so volatile that about <a href="https://en.wikipedia.org/wiki/List_of_defunct_airlines_of_India">50 players have shut shop</a> in the past three decades and changed billionaires into millionaires.And this was all before the pandemic decimated the industry.But a troubled industry also means abundant talent in the market for hire, low asset costs, and weakened competitors, factors that could play a role in Jhunjhunwala's favor.<h2>A market dominated by low-cost carriers</h2>Unlike the aviation markets of the western world, where the segment is multi-layered and caters to a wide range of travelers, carriers in India need to keep a close watch on ticket costs. About 80% of <a href="https://www.dgca.gov.in/digigov-portal/?page=jsp/dgca/InventoryList/dataReports/aviationDataStatistics/handbookCivilAviation/HANDBOOK2018-19.pdf&amp;main4252/4205/sericename">the market share</a> in India is cornered by low-cost carrier models (LCC), which make a profit through volume by selling seats at cheap rates.Six large airlines dominate the domestic skies in India: IndiGo, SpiceJet, GoAir (which rebranded as GoFirst), AirAsia India, Vistara, and Air India. While Vistara and Air India are classified as no-frills carriers, the rest operate as LCC.Unlike all other existing market players, Akasa is an ultra low-cost carrier (ULCC), which means every little space inside the plane – from paper cups or luggage bins — is for sale for advertising. Further, Akasa can cut back on all expendable costs and fly more hours a day while keeping the seat fares separate from all other related services like food. It's basically like the Spirit Airlines of India.Akasa is expected to launch operations by early or mid 2022, if the speculation in the industry is proved right. Akasa has been busy hiring industry veterans including Vinay Dube, the former CEO of Jet Airways, and Aditya Ghosh, the former CEO of Indigo. <a href="https://centreforaviation.com/data/profiles/airlines/akasa">Regulatory approvals </a>are on track.Yet, the fate of Akasa depends on more than a billionaire backer and experienced leadership. Other variables at play in the airline's success include how it manages its fleet composition, distribution models, and the choice of flying destinations.<a href="http://www.knowindia.net/aviation7.html">Airbus dominates</a> the Indian skies: The A320 family makes up 70% of all passenger aircraft in the country.The advent of Akasa means an opportunity for American planemaker Boeing to make a breakthrough in a crucial market.Akasa hopes to operate a fleet of 70 aircraft in four years, ​​Jhunjhunwala told <a href="https://www.bloomberg.com/news/articles/2021-07-28/indian-billionaire-investor-plans-70-planes-for-new-airline">Bloomberg</a> in a television interview in July. Boeing's market outlook, meanwhile, predicts there will be demand for 2,200 commercial jets in the next two decades."In India, domestic traffic is leading the recovery. We're seeing double-digit monthly improvements in operations as vaccine rates improve and travel restrictions begin to loosen," Salil Gupte, president of Boeing India, told Insider.Gupte estimates passenger traffic numbers in India will reach pre-pandemic levels by 2023 or 2024."We are honored that Akasa Air, an innovative airline focused on customer experience and environmental sustainability, has placed its trust in the 737 family to drive affordable passenger service in one of the world's fastest-growing aviation regions," said Stan Deal, Boeing commercial airplanes president and CEO, following the deal.<h2>Challenges Ahead</h2>Industry experts say Jhunjhunwala's Akasa appears set to take Indian civil aviation to new heights, but they add caveats.For instance, fixed costs like lease, parking, maintenance, and staff salaries make up 40% of an airline's cost structure, according to IndiGo's Kumar. To be successful, Akasa must get the combination of these correct, industry experts said."Akasa's bet is on the fragility of one or more carriers and as a well-capitalized new entrant, it may very well be able to gain a strong foothold," said Satyendra Pandey, managing partner at India-based aviation services firm AT-TV.Rival carriers are bound to match Akasa's fares from day one of its operations, Pandey said – which means it'll be entering a profitless growth environment. A careful assessment of the market should incorporate both business and behavioral trends, Pandey said."Force-fitting western frameworks just does not work. Getting this wrong has meant that even extremely well-funded airlines have consistently failed to turn a profit and witnessed continuous margin deterioration. Levers that worked pre-pandemic may not quite work the same," Pandey added."If the ULCC model is implemented, Akasa Air may expand the overall market by stimulation due to low airfares," said Manvi Hooda, chief of consulting and research at the aviation consulting firm, CAPA India."India remains an under-penetrated air travel market. Given India is a value-sensitive market, low airfares can significantly stimulate the market," said Hooda.

A new, ultra-low-cost Indian airline just placed a $9 billion order with Boeing, and analysts say it could lift up the country's entire aviation segment

The ailing <a href="http://www.businessinsider.in/searchresult.cms?query=indian+aviation+sector">Indian aviation</a> sector is finally getting its life back, thanks to reduced jet fuel prices and a surge in passenger traffic. 
 
While the fuel prices have dropped by nearly 40% since 2014, as per estimated by the International Air Transport Association (IATA), the air traffic growth in India at more than 12% outstripped all countries in the first six months of the year. 
 
Meanwhile, majority of the budget carriers like IndiGo, Jet Airways, <a href="http://www.businessinsider.in/searchresult.cms?query=spicejet">SpiceJet</a> and Go Air are expected to register profits after the government announced its draft civil aviation policy proposing a host of incentives for the aviation sector. 
 
READ ALSO: <a href="http://www.businessinsider.in/The-Govt-just-made-flying-way-cheaper-for-the-average-Indian-The-new-aviation-rules-have-more-such-great-news-for-fliers/articleshow/49593288.cms">The Govt just made flying way cheaper for the average Indian! The new aviation rules have more such great news for fliers</a> 
 
 The above factors have led big investors to invest in the <keyword id="528556" type="UNKNOWN" weightage="20" keywordseo="Indian-aviation-sector">Indian aviation sector</keyword>. 
 
On Friday, billionaire <a href="http://www.businessinsider.in/This-billionaire-investor-just-made-a-huge-bid-in-the-IndiGo-IPO/articleshow/49582519.cms">Rakesh Jhunjhunwala</a>, also known as India’s Warren Buffet, bought 1% of <a href="http://www.businessinsider.in/searchresult.cms?query=jet+airways">Jet Airways</a> and also mopped up shares worth Rs 400 crore in <a href="http://www.businessinsider.in/searchresult.cms?query=INDIGO+ipo">IndiGo IPO</a>. 
 
He also invested money in SpiceJet. Not only him but many other investors have invested money in the aviation sector. 
 
 "Big investors who always look for midcap ideas may have realised that the aviation companies could do well in future given the improving macro factors like growth in passenger traffic, improving margins over falling ATF prices coupled with policy changes, which could be a game changer for the industry," Motilal Oswal, chairman and managing director, Motilal Oswal Financial Services told ET. 
 
Industry experts point out that more investors are getting attracted to the sector due to fresh interest in the valuations of the airlines, particularly SpiceJet, IndiGo and Jet. 
 
However, many investors are yet to take the plunge in the Indian aviation sector as Jet Airways is presently valued at Rs 4,961 crore and SpiceJet at Rs 2,802 crore due to sour past of Kingfisher. 
 
"In order to attract investments, a company needs to be shareholder-friendly, in terms of a having a clear dividend policy and the presence of independent directors who would take care of the minority shareholder's interest. India's listed airlines have a long way to go as far as these aspects are concerned," Mahantesh Sabarad, deputy vice-president, research at SBICAP Securities, told ET. 
 
(Image: Thinkstock)

Not Airlines, but a very different set of people are making the most of low fuel prices, surge in passenger traffic in the aviation sector

<ul><li>As much as 12.5% of healthcare wealth globally comes from India. </li><li>India has the second-largest concentration of automobile billionaires after China. </li><li>The wealth of Indian real estate billionaires increased by 150%. </li><li>The report also said that 63% of the world’s billionaires make physical products, while 37% sell software and services. </li></ul> The healthcare sector minted the most number of Indian dollar billionaires in the last one year, according to 2023 M3M <keyword id="2721202" type="General" weightage="20" keywordseo="hurun-global-rich-list" source="Orion">Hurun Global Rich List</keyword>. As much as 12.5% of healthcare wealth globally comes from India, and vaccine king Cyrus Poonawalla of Serum Institute is the richest healthcare billionaire in the world. With Poonawalla and Dilip Shanghvi of Sun Pharmaceutical, the top 10 richest Indians list has two entrants from the healthcare sector. Ranking at 46 globally, Poonawalla of the unlisted empire, is the only billionaire in the top 10 richest Indians whose wealth went up by 4% to $27 billion. Shanghvi, on the other hand, lost 6% wealth in the last one year to end at $17 billion, and is ranked 98 globally. After healthcare, the sectors that created the most Indian dollar billionaires are consumer goods and chemicals, said the Hurun report, adding that financial services, healthcare and retail sectors minted the most global billionaires. “With 13 billionaires from the automobile and auto components sector, India has the second-largest concentration of automobile billionaires after China, which has 39 billionaires. India needs to catch up on sectors such as investments and media and entertainment,” the report said. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industry </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of Indian Wealth in the industry </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Richest in the world and in India </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Main Company </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Consumer Goods </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.40% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Bernard Arnault India: Harsh Mariwala </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LVMH Marico </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial Services </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.70% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Michael Bloomberg India: Uday Kotak </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bloomberg Kotak </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.50% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global and India: Cyrus Poonawalla </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Serum Institute of India </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Food &amp; Beverages </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.30% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Zhong Shanshan India: Nusli Wadia </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YST Britannia </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Real Estate </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.00% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Lee Shau Kee India: Rajiv Singh &amp; family </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Henderson Land DLF </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.50% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Jeff Bezos India: Radhakishan Damani </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amazon Avenue SuperMarts </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Media &amp; Entertainment </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.30% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Steve Ballmer India: Shiv Nadar </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Microsoft HCL </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Software &amp; Services </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.80% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Steve Ballmer India: Shiv Nadar </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Microsoft HCL </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrial Products </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.40% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Chen Jianhua &amp; Fan Hongwei India: Anu Aga </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hengli Thermax </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Investments </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.70% </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global: Bill Gates India: Rekha Rakesh Jhunjhunwala </td><td style="border-left:solid #000000 0.6000000000000001pt;border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Microsoft Rare Enterprises </td></tr></tbody><tbody></tbody></table> Source: 2023 M3M Hurun Global Rich List IT, aviation and real estate sectors shine As much as 7.8% of IT sector wealth globally is from India, with Shiv Nadar of HCL as the richest software and services billionaire. His global counterpart is Steve Ballmer, the former CEO of Microsoft. Real estate sector is the third most important sector with 5% of the sector’s global wealth coming from India. “We at M3M are even further excited about the value creation potential of the real estate sector. As Andrew Carnegie also said – Ninety percent of all millionaires become so through owning real-estate. For instance, when cumulative wealth of Indian billionaires increased by 80%, the wealth of Indian real estate billionaires increased by 150%,” said Pankaj Bansal, Director, M3M India. India is also home to the richest aviation billionaires in the world and surprisingly both of them are the founders of the same airline, IndiGo which is the largest airline in India. Rakesh Gangwal and Rahul Bhatia possess wealth of $3.6 billion and $3.3 billion respectively. Energy vs new-age and tech biz Globally, billionaires who belonged to sectors like fertilizers and commodity trading, iron and steel, oil and gas, soft drinks and confectionery, casinos and hotels, sports clubs and luxury goods had a good year. Tech based and new-age businesses, however, had a bad year. “It’s a bad year for semiconductors, cloud solutions, cyber security, payment systems, e-commerce, batteries and new energy,” the report said. The report also said that two thirds of the world’s billionaires – 63% of them make physical products, while 37% sell software and services. In the last one year, the world has lost five billionaires every week. This is only the second time in the last ten years that the number of global billionaires has reduced. The world which has lost 269 billionaires, now has 3,112 billionaires. SEE ALSO <a href="https://www.businessinsider.in/business/news/mukesh-ambani-races-past-gautam-adani-as-richest-indian/articleshow/98910286.cms">Mukesh Ambani races past Gautam Adani as richest Indian: Only Indian in the top 10 in 2023 M3M Hurun Global Rich List</a> <a href="https://www.businessinsider.in/personal-finance/indian-super-rich-bracing-for-a-better-year-ahead-knight-frank/articleshow/98338254.cms">India's super-rich gear up for a better year ahead: Knight Frank</a>

Healthcare, consumer goods minted the most Indian dollar billionaires

<ul><li>Venture debt firm <keyword id="9353689" type="General" weightage="100" keywordseo="stride-ventures" source="Orion">Stride Ventures</keyword> sanctioned over ₹1600 crore to over 70 companies across various sectors. </li><li>Strides has diverse investments across sectors such as consumer, fintech, agritech, B2B commerce, healthtech and more. </li><li>Venture debt disbursed in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> last year stood at $538 million. </li></ul> Venture debt firm Stride Ventures today closed its Stride Ventures India Fund II after raising $200 million. The fund’s portfolio includes startups like CredAvenue (<keyword id="14257101" type="General" weightage="50" keywordseo="yubi" source="Orion">Yubi</keyword>), <keyword id="3030142" type="General" weightage="50" keywordseo="myglamm" source="Orion">MyGlamm</keyword>, <keyword id="12437554" type="General" weightage="20" keywordseo="zepto" source="Orion">Zepto</keyword>, BluSmart and more. Stride said that the new fund saw participation from leading banks, marquee family offices, corporate treasuries, sovereign funds, PE funds, insurance firms and HNIs. "The growing investor trust in the Indian start-up ecosystem provided us with a great opportunity to develop a strong pipeline of deployments that we have utilized across various sectors. Stride Ventures goal is to continue being a preferred lender while developing innovative alternate financing solutions for founders,” said <keyword id="13803875" type="General" weightage="50" keywordseo="ishpreet-singh-gandhi" source="Orion">Ishpreet Singh Gandhi</keyword>, founder and managing partner at Stride Ventures. The fund saw its first close back in August 2021. Strides has diverse investments across sectors such as consumer, fin-tech, agri-tech, B2B commerce, health-tech, B2B SaaS, mobility &amp; energy solutions (EV). It has sanctioned over ₹1600 crore to over 70 companies across these verticals. “The current economic environment has made growing businesses more amenable to debt transactions than ever before, giving India's venture lending industry a chance to grow and evolve,” added <keyword id="1946603" type="General" weightage="50" keywordseo="apoorva-sharma" source="Orion">Apoorva Sharma</keyword>, partner at Stride Ventures. According to an India Venture Debt <a href="https://s3.ap-south-1.amazonaws.com/www.strideventures.in/Stride+Ventures+India+Debt+Report+2022.pdf">Report</a> 2022, the firm released in May, venture debt disbursals stood at $538 million last year. The fund facilitated joint-lending structures with leading banks over three years. It claims to have built innovative alternate financing solutions within venture debt for founders to allocate capital efficiently. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/akasa-air-has-enough-capital-to-induct-72-aircraft-thanks-to-rakesh-jhunjhunwalas-visionary-role-says-ceo/articleshow/93616737.cms">Akasa Air has enough capital to induct 72 aircraft thanks to Rakesh Jhunjhunwala’s visionary role, says CEO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/workplace-recognition-and-not-salary-is-top-criteria-for-job-seekers-in-india-report/articleshow/93615940.cms">Workplace recognition, and not salary, is top criteria for job seekers in India: report</a>

You Searched For "rakesh jhunjhunwala akasa airline" and got 10 results

Akasa Air has enough capital to induct 72 aircraft thanks to Rakesh Jhunjhunwala’s visionary role, says CEO

Kritti Bhalla

Ready to take off – Rakesh Jhunjhunwala's Akasa Air receives its first Boeing aircraft

Kritti Bhalla

Rakesh Jhunjhunwala-backed Akasa Air to start operations this month

IANS

Rakesh Jhunjhunwala left a will to bequeath ₹50,000 cr fortune to wife, children: sources

IANS

Life and times of Rakesh Jhunjhunwala — the man behind the trader

Kritti Bhalla

Here are the 5 richest families in India — who together hold a fortune of ₹9,22,600 crore

Preeti Soni

A new, ultra-low-cost Indian airline just placed a $9 billion order with Boeing, and analysts say it could lift up the country's entire aviation segment

Vasudevan Sridharan

Not Airlines, but a very different set of people are making the most of low fuel prices, surge in passenger traffic in the aviation sector

BI India Bureau

Healthcare, consumer goods minted the most Indian dollar billionaires

Katya Naidu

Venture debt firm Stride Ventures closes a $200 million fund

Eetika Kapoor

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