{"id":47659,"date":"2023-10-05T11:01:55","date_gmt":"2023-10-05T05:31:55","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=47659"},"modified":"2023-10-05T11:01:59","modified_gmt":"2023-10-05T05:31:59","slug":"akasa-air-cancels-flights-on-8-routes","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2023\/10\/05\/akasa-air-cancels-flights-on-8-routes\/","title":{"rendered":"Akasa Air Now Cancels Flights on 8 Indian Routes"},"content":{"rendered":"\n

MUMBAI-<\/strong> Due to a continuous pilot attrition issue since July, the youngest Indian carrier, Akasa Air (QP),<\/a> has undertaken a series of service reductions, impacting ten routes and suspending flights on eight routes. <\/p>\n\n\n\n

According to data obtained from aviation analytics firm Sirium and reported by Business Standard<\/em>, the airline’s weekly services have declined from 945 in June to 754 in October.<\/p>\n\n\n\n

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Photo: Siddh Dhuri\/ Mumbaiplanes, <\/figcaption><\/figure>\n\n\n\n

Akasa Air Cancels Flights<\/h2>\n\n\n\n

At present, the airline maintains operations on 34 routes. However, during the period from June to October, Akash Air ceased operations on several routes, including Ahmedabad-Kochi, Ahmedabad-Hyderabad, Ahmedabad-Pune, Bengaluru-Hyderabad, Bengaluru-Chennai, Kochi-Hyderabad, Goa-Lucknow, and Goa-Hyderabad.<\/p>\n\n\n\n

Between July and September, a total of 43 pilots <\/a>from the airline defected to a rival company before completing their mandatory notice periods. These notice periods typically ranged from six months to one year. <\/p>\n\n\n\n

The airline has taken legal action against five of these 43 pilots, seeking compensation through proceedings initiated in the Bombay High Court.<\/p>\n\n\n\n

Akasa Air spokesperson clarified to Business Standard <\/em>that the airline has strategically adjusted its network to prioritize operational reliability and ensure a high level of service for its customers. <\/p>\n\n\n\n

They emphasized the airline’s unwavering commitment to credibility and reliability, which has led to the decision to temporarily reduce flight frequencies and offer a more dependable network to passengers.<\/p>\n\n\n\n

\"Due
Photo: Akasa Air<\/figcaption><\/figure>\n\n\n\n

Valuation<\/h2>\n\n\n\n

Akasa Air (QP)<\/a>, India\u2019s youngest and greenest airline, is exploring the possibility of raising up to $400 million, which would assign a valuation of $1 billion to the airline, as disclosed by two sources familiar with the matter told Livemint<\/em>.<\/p>\n\n\n\n

Nevertheless, according to the same sources, this fundraising endeavor might reduce the ownership stake held by the family of the late billionaire investor Rakesh Jhunjhunwala.<\/p>\n\n\n\n

The financing will likely be conducted in multiple phases, leading to an incremental increase in valuation, reaching around $1 billion from its current value of approximately $650 million. <\/p>\n\n\n\n

The Jhunjhunwala family is anticipated not to acquire additional shares during these fresh equity issuances, potentially diluting their existing holding.<\/p>\n\n\n\n

Furthermore, the appointed banker for this process may explore potential buyers for a secondary stake sale by the Jhunjhunwala family, which currently holds a 45.97% stake in Akasa Air.<\/p>\n\n\n\n

Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n

Join us on Telegram Group <\/a>for the Latest Aviation Updates. Subsequently, follow us on Google News<\/a>.<\/p>\n\n\n\n

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Akasa Air Gets New Permission to Start International Flights<\/a><\/blockquote>