New Delhi [India], August 14 (ANI): India's newest airline Akasa Air expressed its condolences for Rakesh Jhunjhunwala's untimely demise and said the airline will honour his legacy.

Besides, the airline thanked the departed soul for putting in trust and faith in the company.

Ace stock market investor and owner of India's newest airline Akasa Air Rakesh Jhunjhunwala passed away at the age of 62 in Mumbai.

"We are deeply saddened by the untimely demise of Mr. Rakesh Jhunjhunwala this morning. Our thoughts and prayers are with Mr. Jhunjhunwala's family and friends. May his soul rest in peace," the airline said in its condolence message.

Often referred to as India's own Warren Buffet, he was not keeping well for the past few days and breathed his last today in Breach Candy Hospital in Mumbai.

"We at Akasa cannot thank Mr. Jhunjhunwala enough for being an early believer in us and putting his trust and faith in us to build a world-class airline. Mr. Jhunjhunwala had an invincible spirit, was deeply passionate about everything Indian and cared greatly for the well-being of our employees and customers. Akasa Air will honour Mr. Jhunjhunwala's legacy, values and belief in us by striving to run a great airline," the airline added.

Akasa Air took off to Indian skies just earlier this month.

"Sh Rakesh Jhunjhunwala Ji was not only an astute businessman, but also passionately invested in India's growth story. He will be remembered for giving India its new airline Akasa Air after more than a decade. My deepest condolences to his family and loved ones," Union Civil Aviation Minister Jyotiraditya Scindia earlier tweeted.

Recollecting about the inauguration of Akasa Air on August 7, Scindia said he had no idea how much difficulties departed Jhunjhunwala was undergoing through.

"He was a symbol of India's entrepreneurial spirit. I believe the things he had achieved and established will be a source of inspiration for thousands of youth," Scindia later told ANI.

Jhunjhunwala was born on July 5, 1960. He grew up in Mumbai.

After graduating from Sydenham College in 1985, he enrolled at the Institute of Chartered Accountants of India and married Rekha Jhunjunwala, who is also a stock market investor.

Jhunjhunwala ran a privately-owned stock trading firm called RARE Enterprises.

A lot of people questioned why Jhunjhunwala planned to start an airline when aviation sector was not doing well, to which he replied, "I say I'm prepared for failure."He was always bullish about India's stock market and whatever stocks he purchased mostly turned into a multibagger.

"Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India's progress," Prime Minister Narendra Modi tweeted.

"His passing away is saddening. My condolences to his family and admirers. Om Shanti," Modi added.

"Shocked by the sudden demise of seasoned Investor, Shri Rakesh Jhunjhunwala. He will be remembered for his contributions to business and industry. He was at the forefront of creating a culture of investing in Indian stock markets. Condolences to his family and many admirers," Defence Minister Rajnath Singh tweeted.

"Anguished to learn about the passing away of Rakesh Jhunjhunwala Ji. His vast experience and understanding of the stock market have inspired countless investors. He will always be remembered for his bullish outlook. My deepest condolences to his family. Om Shanti Shanti," Union Home Minister Amit Shah tweeted.