NEW DELHI: Rahul Bhatia’s InterGlobe Enterprises (IGE) on Wednesday countered IndiGo co-founder Rakesh Gangwal’s charges about the airline entering into related party transactions (RPTs) with IGE Group companies. The Bhatia Group said these RPTs were disclosed at the time of IPO in 2015 and “materiality of the transactions for (IndiGo) is not significant as… it is only 0.53% of (IndiGo’s) consolidated turnover for FY 2018-19.”
A statement by IGE said: “For several decades, before IGAL (InterGlobe Aviation Ltd or IndiGo) was founded, IGE and its founders (Rahul Bhatia and family) have been involved in diverse areas of aviation industry including provision of services to the aviation industry at large. This connect with, and experience in, the aviation sector was the fundamental reason for IGE to think about setting up an airline…. The IGE Group has nurtured and supported IGAL through its formative and expansion years by making available these services.”
