IndiGo co-promoter Rakesh Gangwal resigns from airline’s board; will gradually reduce stake over 5 years

IndiGo co-promoter Rakesh Gangwal on Friday resigned with immediate effect from the board of directors of the parent firm, InterGlobe Aviation, where he served as a non-executive, non-independent director.

While Gangwal in his letter to the board said that he would sell his entire holding in the airline over a period of five years, he also added that he may consider joining the board again as a member at a later stage.

Gangwal’s resignation comes around two weeks after other promoter Rahul Bhatia took charge as the company’s managing director.