Rakesh Jhunjhunwala's ultra low-cost carrier to take-off by year-end CNBC Aditya Ghosh, former president, IndiGo will be co-founder of Rakesh Jhunjhunwala's low-budget newest airline Akasa Air, along with former Jet Airways CEO Vinay Dube, sources told The Economic Times. According to the financial daily, Ghosh would own less than 10 percent of Akasa and will not be part of the management but will be on board as Jhunjhunwalaâs nominee. In an interview to Bloomberg, Big Bull had said he would hold 40 percent stake and Dube will have 15 percent, besides the post as CEO of the airline. Investors in Akasa include Airbnb and Par Capital Management â which has interests in US ULCC Sun Country Airlines. The ultra-low cost airline plans to have a fleet of 70 aircraft in four years.