Week After Akasa Air's 1st Flight, Ace Investor Rakesh Jhunjhunwala Passes Away

He was the promoter of Akasa Air and Star Health & Allied Insurance.

Ace investor Rakesh Jhunjhunwala passed away at the age of 62 in Mumbai, on the morning of Sunday, 14 August.

(Photo Courtesy: Twitter/VSReddy_MP)

Ace investor Rakesh Jhunjhunwala passed away at the age of 62 on Sunday, 14 August. He suffered from multiple health issues, and died early on Sunday morning of a sudden cardiac arrest.

"Rakesh Jhunjhunwala had a sudden cardiac arrest which was the cause of his death. He was also suffering from chronic kidney disease, was on chronic dialysis and was responding well. He was diabetic and had recently undergone an angioplasty," Dr Pratit Samdani, of Mumbai's Breach Candy Hospital told news agency ANI.

He was brought to the hospital at 6:45 am, where he was declared brought dead, according to News18.

ANI also reported that Jhunjhunwala's mortal remains, which arrived at his residence on Sunday afternoon, will be cremated at Mumbai's Banganga crematorium at 5.30 pm.

The business magnate, worth an estimated $5 billion, is survived by his wife, two sons and a daughter. He owned Akasa Air, which launched operations recently on 12 August.

Akasa Air, in a statement following his demise, said, "We are deeply saddened by the untimely demise of Mr Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr Jhunjhunwala's family and friends. May his soul rest in peace."

The statement added:

"We at Akasa cannot thank Mr Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline. Mr Jhunjhunwala had an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers. Akasa Air will honour Mr Jhunjhunwala's legacy, values and belief in us by striving to run a great airline."

Jhunjhunwala was also the promoter of Star Health & Allied Insurance.

Condoling the business magnate's death, Prime Minister Narendra Modi took to Twitter and said, "Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world."

"He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers," the prime minister added.

The magnate had teamed up with ex-Jet Airways CEO Vinay Dube and former IndiGo head Aditya Ghosh, to to set up India's newest budget carrier Akasa air.

The airline began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad.

Born in 1960, he grew up in Mumbai, where his father was posted as an Income Tax Officer and graduated from Sydenham College in 1985, after which he joined the Institute of Chartered Accountants of India.

(With inputs from News 18)