Rakesh Gangwal, the co-founder of IndiGo, said he won’t sell his shareholding in India’s largest airline and will maintain his stake amid a feud with his partner Rahul Bhatia.
“I am here for the long haul,” Gangwal, who has accused Bhatia of corporate governance lapses, said by phone. “I have no desire to sell my stake or raise my stake.”
Gangwal, teamed up with Bhatia — a former airline sales agent — to create IndiGo in 2005, which quickly outpaced rivals to control almost half of the local market, and made both the founders billionaires. Once the chief executive officer at US Airways, Gangwal and his affiliates, own 37% of InterGlobe Aviation Ltd., which operates IndiGo, while his partner’s company holds a little more at 38%. A representative for Bhatia’s InterGlobe Enterprises Ltd. didn’t immediately respond to a request seeking comments.
