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  4. Co-promoter Gangwal resigns from IndiGo board; will gradually reduce stake in airline over 5 years

Co-promoter Gangwal resigns from IndiGo board; will gradually reduce stake in airline over 5 years

Rakesh Gangwal has resigned from the board as non-executive, non-independent director in Indigo airlines with immediate effect.

Edited by: India TV News Desk New Delhi Updated on: February 18, 2022 17:45 IST
IndiGo director Rakesh Gangwal resigns from board 
Image Source : TWITTER

IndiGo director Rakesh Gangwal resigns from board 

Highlights

  • Rakesh Gangwal has resigned from board of directors of parent company InterGlobe Aviation
  • He stated that he will gradually reduce equity stake in the airline

IndiGo's co-promoter Rakesh Gangwal on Friday resigned from the board of directors of parent company InterGlobe Aviation, stating that he will gradually reduce the equity stake in the airline over the next five years. Gangwal and his related entities own around 37 per cent stake in this company. Rahul Bhatia and his related entities own around 38 per cent in InterGlobe Aviation.

"I have been a long-term shareholder in the company for more than 15 years and it's only natural to someday think about diversifying one's holdings," Gangwal said in his letter to the board members. "Accordingly, my current intention is to slowly reduce my equity stake in the company over the next five-plus years," he added.

Also Read | 2 IndiGo planes avert mid-air collision over Bengaluru airport, DGCA to probe matter

Also Read | IndiGo worker falls asleep in cargo compartment, flight takes off with him: What happened next

 

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