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Akasa Air was one of the business ventures of Veteran stock market investor Rakesh Jhunjhunwala who passed away on Sunday morning. The airline began commercial operations this month with a maiden flight from the financial capital of Mumbai to the city of Ahmedabad.

The Ace stock market investor who is often referred to as India's own Warren Buffet was questioned on why he planned to start an airline when aviation was not doing well, to which he had replied, "I say I'm prepared for failure."

After his death, Akasa Air also released a statement saying, “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."

“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," the Airline wrote.

Co-founding Akasa Air was a rare departure into entrepreneurship for Rakesh Jhunjhunwala, who made his fortune on the stock exchange as a value share investor and is often compared to the Berkshire Hathaway chairman and CEO.

Also Read: Rakesh Jhunjhunwala updates on his death

Jhunjhunwala was not keeping well for the past few days and breathed his last today in Breach Candy Hospital in Mumbai, as per the hospital sources. He was born on July 5, 1960 and grew up in Mumbai.

After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises.

He was always bullish about India's stock market and whatever stocks he purchased mostly turned into a multibagger.

(With inputs from agencies)

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