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Jhunjhunwala, known as 'India's Warren Buffett' for his successful stock investments, plans to team up with former CEOs of IndiGo, the country's biggest carrier, and Jet Airways to tap into demand for domestic air travel.
The announcement on Thursday also comes amid reports that the airline was preparing for an initial share sale to raise funds for its ambitious expansion plans.
China is the world's biggest autos market, and also accounts for the largest part of Volkswagen's sales.
This will be the longest commercial flight in the world to be operated by Air India or any other airline in India.
The EPA said its new requirements for airplanes used in commercial aviation and for large business jets would align the United States with international standards.
In an incisive statement, he said the Directorate General of Civil Aviation (DGCA) was ultimately responsible for the August 7 plane accident at Karipur which killed at least 18 people including the pilot and the co-pilot.
The announcement shed new light on the tragedy after Pakistani investigators earlier said only that the crash resulted from engine failure.
Yogi had received a commendation letter from the Indian Air Force at Air Force Station Sulur, when the second squadron of Tejas Flying Bullets was inducted.
The crew has been quarantined. Another plane would be sent to Moscow to bring back the stranded Indians.
Flight PK-8303 from Lahore was about to land in Karachi when it crashed at the Jinnah Garden area near Model Colony in Malir, minutes before its landing.