CCI Greenlights Stake Acquisition in Akasa Air by PI Opportunities, 360 ONE, and Others

The acquisition, dubbed the “Proposed Combination,” involves the targeted purchase of a significant shareholding in Akasa Air by the consortium of investors.

In a significant development for the Indian aviation and investment sectors, the Competition Commission of India (CCI) has given its nod to the proposed acquisition of a stake in SNV Aviation Private Limited, the parent company of Akasa Air. The green signal enables a group of investors, including PI Opportunities Fund-I Scheme-II (PIOF), certain executives associated with PIOF (collectively referred to as PI Executives), Claypond Capital Partners Private Limited (Claypond), and 360 ONE Private Equity Fund (360 Fund), to acquire a shareholding interest in the fast-growing airline.

Details of the Proposed Combination

The acquisition, dubbed the “Proposed Combination,” involves the targeted purchase of a significant shareholding in Akasa Air by the consortium of investors. The entities involved—PIOF, PI Executives, Claypond, and 360 Fund—are acting through their respective schemes and investment vehicles. The 360 Fund is specifically making this investment through its investment manager, 360 ONE Alternates Asset Management Limited.

The deal underscores investor confidence in India’s aviation industry, which is showing signs of robust recovery and expansion after pandemic-induced turbulence. Akasa Air, a relatively new entrant into the domestic skies, has already made a mark with its cost-efficient model and customer-focused services. With this infusion of capital and institutional backing, the airline is expected to accelerate its growth trajectory, potentially exploring new domestic routes and strengthening its international footprint.

About the Acquiring Entities

PI Opportunities Fund-I Scheme-II (PIOF) is a trust established under Indian law and registered with the Securities and Exchange Board of India (SEBI) as an Alternative Investment Fund (AIF). The fund focuses on delivering risk-adjusted returns to investors by building a portfolio of equity investments in companies demonstrating significant growth potential. PIOF is known for its long-term investment horizon and strategic involvement in its portfolio companies.

Claypond Capital Partners Private Limited, affiliated with the Pai Family Group, is another major participant in the acquisition. The Pai Family Group has a history of making diversified financial investments across sectors, including technology, healthcare, consumer goods, and now aviation. Their involvement signals a strategic move to broaden their investment base in India's infrastructure and services economy.

360 ONE Private Equity Fund (360 Fund) is a SEBI-registered Category II AIF and is managed by 360 ONE Alternates Asset Management Limited. The fund has a global investment outlook and seeks to deploy capital across high-potential sectors in India and overseas. Its participation in Akasa Air is in line with its strategy of backing companies with strong growth prospects and scalable business models.

About Akasa Air

Akasa Air, operated by SNV Aviation Private Limited, is one of India’s newest airlines. It operates as a low-cost carrier offering scheduled domestic air passenger transport services. Since launching operations in 2022, Akasa Air has quickly established a foothold in key domestic markets. The airline also provides international passenger transport services, air cargo logistics, and other related offerings, including in-flight retail.

With a fleet of new-generation aircraft and a customer-first approach, Akasa Air has positioned itself as a modern, tech-driven alternative in India’s competitive aviation landscape. It has emphasized sustainability, punctuality, and affordability—elements that have helped it build a loyal customer base.

Strategic Importance of the Deal

This acquisition comes at a time when India's aviation sector is witnessing increased investor interest, thanks to rising demand for air travel, improving infrastructure, and government support. The funding will likely enable Akasa Air to scale operations more rapidly, expand its fleet, increase its route network, and potentially pursue innovations in technology and customer experience.

For the investors, this deal represents an opportunity to tap into one of the world’s fastest-growing aviation markets. Backing an airline with demonstrated performance and scalable infrastructure aligns well with the long-term investment strategies of PIOF, Claypond, and the 360 Fund.

Outlook

The CCI’s approval of this transaction marks a crucial milestone in the investment process and paves the way for regulatory completion and capital deployment. With this strategic financial backing, Akasa Air is well-positioned to further strengthen its market presence and play a pivotal role in shaping the next chapter of India’s aviation sector.