IndiGo Parent Company Approves Venture Capital Division

September 5, 2023

“This new division’s primary focus will be investing in early-stage companies operating in aviation and related consumer sectors…reports Asian Lite News

The board of InterGlobe Aviation Ltd, the parent company of India’s largest airline, IndiGo, granted approval for the establishment of a Venture Capital division on Monday.

“This new division’s primary focus will be investing in early-stage companies operating in aviation and related consumer sectors, such as travel, lifestyle, hospitality, and transportation,” said an airline official.

The company officially announced in a filing to the stock exchanges that its Board of Directors has given the green light for the incorporation of a Private Limited Company, initially funded with Rs 30 crore.

The airline’s board has endorsed this investment, which will be established within the Special Economic Zone at Gujarat International Finance Tec-City, as detailed in the exchange filing.

Additionally, the airline’s board has approved the issuance of corporate guarantees, amounting to a maximum of USD 996 million, to ensure the financial obligations of the aforementioned wholly-owned subsidiary.

“In compliance with Regulation 30 and other applicable regulations of the SEBI LODR Regulations, we wish to inform that the Board of Directors of the Company, at its meeting held today, September 4, 2023 (staring time: 10.30

a.m., closing time: 12.30 p.m.), has approved, incorporation of a wholly owned subsidiary of the Company, investment up to Rs 30 crores in one or more tranches, issuing corporate guarantees of up to USD 996 million (or an

equivalent amount in Indian Rupees or any other currency) to secure the payment obligations of aforesaid wholly owned subsidiary,” it said in the BSE filing.

Gaurav Negi, the airline’s Chief Financial Officer, had previously disclosed the creation of this venture while addressing participants during a post-earnings conference call on August 2.

ALSO READ: Mumzworld Empowers Emirati Women Entrepreneurs

Previous Story

Flipkart to Create 100,000 Jobs for Festive Season

Next Story

Hyundai Launches Ioniq 5 N Electric Model

Latest from BUSINESS

Microsoft Cuts Deep

The fresh job cuts come less than two months after Microsoft announced it was laying off more than 6,000 employees…reports Asian Lite

Northeast Is Growth Engine

Scindia also provided updates on the government’s efforts to facilitate the entry of SpaceX’s Starlink service into India. “All due diligence from

India to Empower Global South

India is emerging as a pivotal force in the global transition to clean energy, with Union Minister for New and Renewable Energy,

Maruti’s Global Push Breaks Record

June shipments hit 37,842 units, signalling robust global demand Maruti Suzuki India recorded its highest-ever monthly exports in June, shipping 37,842 units

India’s PC Market Surges

India’s PC market (excluding tablets) registered a strong 13 per cent year-on-year growth in the January–March quarter of 2025, reaching 3.3 million

Don't Miss