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Akasa Air aims for 35% domestic growth & international expansion in FY24

Akasa Air, the relatively new entrant in the Indian aviation scene, is set to make significant strides in the fiscal year 2024. Co-Founder and Chief Commercial Officer, Praveen Iyer, announced ambitious plans for the airline, including a 35% growth in its domestic network and an expansion of its fleet to 26 aircraft, marking a 30% rise by the end of the fiscal year.

Since commencing commercial operations in August 2022, Akasa Air rapidly scaled its fleet size to 20 aircraft within the first year. Now, with plans to place a triple-digit aircraft order in early 2024, the airline is gearing up for a more expansive and dynamic phase.

The airline currently serves 17 cities across India and aims to enhance its network further by the end of FY24. Additionally, Akasa Air is poised to enter the international aviation arena, with plans to commence international operations in the first half of 2024, targeting destinations such as Doha, Kuwait, Riyadh, and Jeddah in its initial phase of international expansion.

Earlier this year, Akasa Air received the designation of an International Scheduled Operator from the Civil Aviation Ministry. Praveen Iyer emphasized the airline’s commitment to progress, stating, “(We are) progressively adding more cities to our network.” As of August 2023, Akasa Air has successfully carried over 6.3 million passengers, connecting major cities like Mumbai, Delhi, Bengaluru, and Kolkata.

The airline’s market share, which stood at 2.8% at the beginning of 2023, experienced substantial growth, reaching 4.2% in November. Akasa Air has also placed a firm order for 76 Boeing 737 MAX airplanes, equipped with CFM fuel-efficient LEAP-1B engines, demonstrating its commitment to modern and efficient aircraft.

Looking ahead, Praveen Iyer expressed optimism about the future of the Indian aviation industry, stating, “We are also on course to announce a significant three-digit aircraft order in early 2024 and are looking forward to the coming year as we expand our presence and step into the next chapter of our growth story.” Akasa Air’s plans align with a broader expectation of robust growth in the Indian aviation sector in the coming years.

 

 

 

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