Akasa Air awaits security approval for inducting new board members

New Delhi, Nov 10 (PTI) Akasa Air is awaiting security approvals for inducting new members into its board post completion of raising funds from various entities, including Premji Invest and Claypond Capital.

The carrier, which started flying more than three years ago, earlier this year raised funds from investors, including Premji Invest and Claypond Capital, and the investments will be utilised mainly for expanding operations.

It has a fleet of 30 Boeing 737 MAX planes.

The airline's Co-Founder and Chief Commercial Officer Praveen Iyer on Monday said the funding has been done and the process has been completed.

"We are waiting for security clearance so that they can be inducted into the board," he said at a briefing in the national capital.

Akasa Air did not disclose details about its existing board members or the number of new members who are likely to be inducted into the board.

Information available on the corporate affairs ministry's MCA21 portal showed that SNV Aviation, which operates the airline under the brand Akasa Air, has six board members, including three nominee directors.

The current board has three directors -- Vinay Dube, Sanjay Dube and Aditya Ghosh -- and three nominee directors -- Amit Goela, Utpal Hemendra Sheth and Paul Michael Oddy Jr, as per the information.

Vinay Dube is the Founder and CEO of Akasa Air.

"We want to be profitably run, not profiteering...," Iyer said and added that things are looking promising.

The airline has a fleet of 30 Boeing 737 MAX planes. PTI RAM SHW