Entities related to Manipal Group chairman Ranjan Pai and 360 ONE Asset have sought approval from the Competition Commission of India to buy stakes in SNV Aviation, the parent entity of Akasa Air (QP, Mumbai International).
The entities, PIOF, Claypond, and 360 Fund, want the green light to invest. While the size of the stake to be acquired was not publicised, ch-aviation has previously reported that Pai was one part of a two-man team, the other being Wipro founder Azim Premji, who had agreed to invest around USD100 million in the carrier.
"The proposed transaction involves the acquisition of certain shareholding by each of PIOF, Claypond, and 360 Fund (through its various schemes and affiliates) in Akasa Air," the Business Standard newspaper reported.
PIOF is a Securities and Exchange Board of India (SEBI) registered alternative investment fund owned and controlled by Premji Invest. Claypond is an arm of the Pai family group. The 360 fund is also a SEBI alternative investment fund managed by Mumbai-based asset manager 360 ONE Asset.
According to the ch-aviation fleets module, Akasa Air operates a fleet of 27 aircraft, including twenty-three B737-8s and four B737-8-200s to 28 airports in five countries. Last August, Akasa said it was looking to raise up to USD1 billion through equity and debt to increase its airline's fleet size and expand its domestic and international network.
