IndiGo’s Rakesh Gangwal flags truce with airline co-founder
New Delhi: The billionaire co-founder of the Indian budget airline IndiGo, Rakesh Gangwal, will support company proposals at a shareholder meeting next week to expand its board after an agreement on policy changes, months after he accused his fellow co-founder of corporate-governance lapses.
The board of IndiGo, Asia’s biggest budget airline by market value, has approved a new related-party transaction policy, Gangwal said in a statement late on Friday. Gangwal now intends to support a move to expand the company’s board to 10 directors at its annual general meeting scheduled for 27 August reversing his earlier stance.
“In light of this positive and important development, I will be supporting the proposed changes to the Articles,” Rakesh Gangwal said in a statement posted on his website on Friday.
