NEW DELHI: IndiGo co-founder and promoter, Rahul Bhatia, will now have complete control over India’s largest domestic airline.
Rakesh Gangwal, who along with Bhatia had started IndiGo at the start of this Millennium but had a serious fallout in last few years, on Friday resigned as director from the board of the airline’s holding company, InterGlobe Aviation.
Gangwal will reduce his stake gradually over the next five years.
The Gangwal and co-founder Rahul Bhatia groups collectively hold 74.4% stake in the airline almost equally.
Gangwal’s resignation and decision to dilute his stake paves the way for Bhatia’s complete control over the airline — which is the largest domestic player with over half the market share — and is now preparing to expand its international network majorly. It also throws opens the possibility of a new investor coming in.
