Rakesh Gangwal invested less than ₹15 crore in IndiGo, claims Rahul Bhatia’s IGE

InterGlobe Aviation Ltd’s co-founder, Rahul Bhatia, has claimed that he bore most of the financial risk to grow the once fledgling airline, while his estranged partner, Rakesh Gangwal, restricted his investment to less than ₹15 crore, justifying the wider powers vested on him to run IndiGo, India’s largest airline.

“Mr. Gangwal was missing in action at that time and there were stages where he wanted to de-risk and pushed for the business to be sold. However, the IGE Group went ahead to continue to support the start up without in anyway diluting Mr. Gangwal’s potential upside,” IGE Group said in a statement on Sunday. The risk ratio was almost 80:1 between IGE Group and Gangwal at one time, the statement said.