Akasa Air secures ₹740cr ECLGS loan from IndusInd Bank
Business
Akasa Air just secured a ₹740 crore loan from IndusInd Bank through the government's Emergency Credit Line Guarantee Scheme (ECLGS), which was set up to help Indian airlines stay afloat.
With this, Akasa follows SpiceJet as the second airline to tap into this support.
Akasa Air says funds support operations
The airline says the funds will go toward day-to-day operations and thanked the government for stepping in when needed.
As Akasa completes four years on Friday, it now flies 40 Boeing planes to 36 destinations and has plans to grow even more.
Akasa Air founder and CEO Vinay Dube assured everyone that despite challenges like rising fuel costs, Akasa is financially strong and still aims to go public in 2-4 years.