Why was he investing in struggling aviation industry? Here's what Akasa Air founder Rakesh Jhunjhunwala had to say

One of the businesses owned by seasoned stock market investor Rakesh Jhunjhunwala, who passed suddenly on Sunday morning, was Akasa Air. This month, the airline launched its commercial operations with an inaugural trip from Mumbai, the world's financial centre, to Ahmedabad.

When asked why he intended to create an airline when aviation was struggling, the ace stock market investor who is frequently referred to as India's Warren Buffet said, "I say I'm prepared for failure."

Rakesh Jhunjhunwala, who made his wealth on the stock market as a value share investor and is frequently compared to the chairman and CEO of Berkshire Hathaway, co-founded Akasa Air in a rare foray into business.

According to hospital officials, Jhunjhunwala had been ill for a few days and passed away today at Mumbai's Breach Candy Hospital. He was raised in Mumbai and was born on July 5, 1960.

He married Rekha Jhunjunwala, a stock market investor, and registered in the Institute of Chartered Accountants of India after earning his degree from Sydenham College in 1985.

Jhunjhunwala was the owner of RARE Enterprises, a privately held stock trading company.

He consistently had optimism about the Indian stock market, and the majority of the stocks he bought ended up being multibaggers.