The brand new ultra low-cost airline will be based out of Mumbai and plans to begin operations this July. Its first aircraft will be delivered in June.

It is reportedly readying one of the biggest aircraft purchase or lease deals of the year outside the US, involving at least a hundred Boeing 737 planes.

In an interview with Bloomberg last year, Jhunjhunwala said Akasa Air will have 70 aircraft in its fleet initially. He also hinted at investing up to $35 million in the airline and, according to media reports, will own a 40% stake in it.

Once Akasa Air takes delivery of the fleet, it will have to conduct successful proving flights, the last step for a carrier to obtain an air operator certificate.