Azim Premji is one of India’s wealthiest businessmen, with a net worth of $11.8 billion according to Forbes.
Indian billionaire Azim Premji is a famous name in the IT world. He founded the IT company Wipro, one of India’s leading IT companies. Premji continues to grow his empire through his business. Now his Premji Invest is a leading global investment company, and his Fair Trade Regulatory Commission (CCI) has approved its proposal to acquire SNV Aviation, the parent company of the domestic carrier Akasa Air. In addition to Premji Invest, the family office and 360 assets of Manipal Group Chief Ranjan Pai also received the same approval. SNV Aviation Pvt Ltd, which operates Akasa Air, is engaged in air passenger and cargo transportation services. “The proposed portfolio involves PIOF, PI executives, Claypond and 360 Fund acquired a stake in Akasa Air through its investment manager, 360 Ane Alter Anternates Altertates Asset Management Co., Ltd.,” CCI said in a press release.
PIOF is a SEBI registered alternative investment fund owned and controlled by Premji Invest, while Claypond is a member of the PAI family group. “The committee approved certain equity in SNV Aviation Private Limited (AKASA AIR) through the PI Opportunity Fund II II (PIOF), certain executives of PIOF, Claypond Capital Partners Private Limited (Claypond) (Claypond) and 360 private equity funds (360 funds) (added through its various programs and ArchiliateS). The 360 ​​Fund is an AIF registered by SEBI. The fund is managed by 360 one asset, a leading asset management company.
In addition, the Jhunjhunwala family, which currently holds 45.97% of the airline’s shares, has also “promised” additional funds. Akasa CEO Vinay Dube is also one of the founders of the entity, owning a 16.13% stake. His brothers Sanjay and Niraj own 7.59% of the shares, while Madhav Bhatkuly owns 9.41% of the airline, while PAR Capital Ventures LLC owns 6.37% of the shares.
(Input with PTI)
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