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Premji Invest, Claypond Capital mulling $125 million investment in Akasa Air
Citing sources in the know, the report claimed that the consortium has asked consultancy firm Alvarez & Marsal to conduct due diligence.
Premji Invest and Claypond Capital, family offices of Wipro’s Azim Premji and Manipal Group’s Ranjan Pai, are reportedly planning to invest ₹$125 million in Akasa Air.
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The Economic Times reported that the consortium is looking to pick up a “significant” minority stake in the airline, valuing it at over $350 million. Citing sources in the know, the report claimed that the consortium has asked consultancy firm Alvarez & Marsal to conduct due diligence.
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The funds will be used for the expansion and payments for the airline and the new shares will be issued by diluting the shareholding of Jhunjhunwala family and Vinay Dube, who together own 65 per cent of Akasa Air, the report claimed.
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This comes as Akasa Air's chief financial officer (CFO) Ankur Goel said the carrier was looking at becoming profitable over the next two years and was planning capacity addition and expansion to new destinations.
