Adequately funded to place three-digit aircraft order this year: Akasa CEO

Akasa Air wants to become an airline that will stand the test of time and is well-funded to place a three-digit order of aircraft this year, its founder and chief executive officer (CEO) Vinay Dube said on Thursday.

In an interview with news agency PTI, Dube said that the airline is "well capitalised" and can grow at a much faster pace.

This comes after the Indian airline announced its decision to acquire four Boeing 737 Max planes as a part of its expansion plans. At the Paris Air Show, the company said that these four planes will be in addition to the original order book of 72 Boeing 737 Max.

While announcing the decision, Akasa Air also said it is on course to announce another significant three-digit aircraft order by the end of 2023.

It is a follow-up to the already placed order of 72 aircraft taking it to a total of 76 aircraft, which include 23 737-8s and 53 high-capacity 737-8-200 planes.

At a time when competition is intensifying in the Indian aviation space, with IndiGo and Air India placing huge aircraft orders as well as pursuing aggressive growth plans, Dube asserted that at Akasa Air, nothing is done that is short-term in nature.

About the airline, Dube said, "I don't think, we get caught up in whether we're going to grow a little faster or slow. That's not what we're chasing, we're chasing sustainability, we are chasing the fact that we want to build an airline that will stand the test of time".

On the future trajectory, Dube said that between now and March 2027, "We look like an airline with 76 aircraft, an airline that has a vibrant domestic market, an airline that has multiple international gateways that we fly to, will look like an airline that has the highest levels of customer service".

According to official data, the carrier had a domestic market share of 4.8 per cent in May.

Noting that the next 20 years are going to be the "golden era of aviation", the Akasa Air chief said there would be around 2,000 aircraft in the next 15 to 20 years and more airports in the country.

"We are very, very happy to be at the stage that we are at. So, I think there is a lot of growth coming."

The airline, which started flying in August last year, has 19 aircraft, and the 20th plane is to join the fleet in July.

Akasa Air is also ramping up its manpower and expects to have 3,500 people by the end of 2023.

The Centre is focused on infrastructure development, Dube told PTI and added that the infrastructure will keep up with the pace of the air travel demand.

(With agency inputs)