September 5, 2023
1 min read

IndiGo Parent Company Approves Venture Capital Division

“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

EVs Drive Cleaner Cities

Each EV is equipped with GPS tracking for real-time monitoring and efficiently serves the city’s 159.46 square kilometre area The use of electric vehicles (EVs) in household waste collection is ushering in

Residential Market Sees Revival

Sales jump 77% from FY19 to FY25 as luxury housing, office leasing, logistics, and tech-led investments drive real estate recovery. India’s residential real estate market has witnessed a dramatic revival in the

Recovery From Realty Stress Rises

Crisil expects residential demand in these markets to grow by 7–9 per cent in FY26, offering critical support to projects now being revived through restructuring Asset Reconstruction Companies (ARCs) are expected to

Qatar Debut For Tata

Tata Motors emphasised that its international offerings are backed by strong research and development capabilities, with vehicles that are thoroughly tested and adapted to local conditions Tata Motors has unveiled its all-new
Go toTop

Don't Miss

Mark Sutch appointed as IndiGo’s Cargo Int’l CCO

Mark is a British and Irish national and has spent

Vistara gets first Airbus A320neo

Accordingly, the aircraft, registered VT-TQE, arrived in Delhi from Airbus’