Azim Premji is one of the richest businessmen in India, with a net worth of USD 11.8 billion, as per Forbes.
Indian billionaire Azim Premji is a well-known name in the IT world. He founded the IT firm Wipro, one of the leading IT companies in India. Premji, through his businesses, continues to grow his empire. Now, his Premji Invest, a leading global investment firm, got the fair trade regulator Competition Commission of India’s (CCI) approval on its proposal to acquire stakes in domestic carrier Akasa Air’s parent company, SNV Aviation. Besides Premji Invest, Manipal Group Chief Ranjan Pai’s family office and 360 ONE Asset also got the approval for the same. SNV Aviation Pvt Ltd, which operates Akasa Air, is engaged in air passenger and cargo transport services. “The proposed combination involves the acquisition of a certain shareholding in Akasa Air by PIOF, PI Executives, Claypond, and 360 Fund, acting through its investment manager, 360 ONE Alternates Asset Management Ltd,” the CCI said in a release.
PIOF is a Sebi-registered alternative investment fund owned and controlled by Premji Invest, while Claypond is an arm of the Pai family group. “Commission approves the acquisition of certain shareholding in SNV Aviation Private Limited (Akasa Air) by PI Opportunities Fund-I Scheme-II (PIOF), certain executives of PIOF, Claypond Capital Partners Private Limited (Claypond), and 360 ONE Private Equity Fund (360 Fund), through its various schemes and affiliates,” it added. The 360 fund is a Sebi-registered AIF. The fund is managed by leading asset management firm 360 ONE Asset.
Besides, the Jhunjhunwala family, which currently holds a 45.97 per cent stake in the airline, has also ‘committed’ additional funding. Akasa CEO Vinay Dube is also one of the founders of the entity with a 16.13 per cent stake. His brothers Sanjay and Niraj have 7.59 per cent shares each in the carrier, while Madhav Bhatkuly owns 9.41 per cent of the airline and PAR Capital Ventures LLC 6.37 per cent.
(With inputs from PTI)
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