IndiGo board approves to set up VC division
image for illustrative purpose
New Delhi: 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 $996 million, to ensure the financial obligations of the aforementioned wholly-owned subsidiary.
