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

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 his 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.