Indigo's former president, Aditya Ghosh is set to co-found with investor Rakesh Jhunjhunwala to establish the startup airline called Akasa Air.

Rakesh Jhunjhunwala, the Indian investor billionaire, is planning to establish a startup airline called Akasa Airlines intended to be an ultra-low-cost carrier business model.

It is worth mentioning that Ghosh will enter the aviation industry for the second time after stepping down from his role as director of Interglobe Aviation, the parent company to IndiGo Airlines, in 2018.

Ghosh will reportedly hold a minor share, estimated to be less than 10% in Jhunjhunwala's ultra-low-cost carrier but will be a part of the board nominated by the founder.

Jet Airways ex-CEO Vinay Dube is also speculated to join the board as Akasa's Chief Executive and will allegedly own a 15% share in the startup airline.

Par Capital Management, an American investment company, will be injecting money into Akasa Air. The investment company has previously invested in the US-based ultra-low-cost-carrier Sun Country Airlines and homestay listing aggregator AirBnB.

Akasa Airline’s sustainability will likely be determined by the Indian aviation landscape in the post-COVID era.