IndiGo to raise at least ₹20 billion via leaseback

BENGALURU/NEW DELHI: IndiGo, India’s largest airline, said on Wednesday it planned to raise at least ₹20 billion ($268 million) through the sale and leaseback of planes and other assets, after reporting its steepest quarterly loss in at least five years.

Chief Financial Officer Aditya Pande said the airline, owned by Interglobe Aviation Ltd, would consider raising even more than 20 billion rupees and the board would meet on Thursday to discuss this.

“Managing cash continues to remain our primary focus and we continue to work with all our stakeholders to raise liquidity,” Pande told analysts on a call, adding it was in advanced talks on selling and leasing back some of its unencumbered assets.