Billionaire Bhatia to helm IndiGo after surprise swing to profit

Rahul Bhatia, the billionaire co-founder of IndiGo, is taking on a newly-created executive position of managing director at the company, after the biggest budget carrier in Asia by market value posted a surprise quarterly profit.

The appointment of Bhatia, which is effective immediately, signals a truce with fellow co-founder Rakesh Gangwal, who had accused Bhatia of corporate governance lapses. The founders were embroiled in a bitter public dispute over a 2015 shareholder agreement that Gangwal said gave Bhatia control over IndiGo despite the similar size of their stakes.

Shareholders of IndiGo, operated by InterGlobe Aviation Ltd., in December voted to remove restrictions on transfer of shares that will allow Gangwal to sell his stake.