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IndiGo's board approves Venture Capital division
05 Sep 2023 CW Team
InterGlobe Aviation, the parent company of India's leading airline, IndiGo, has received board approval to establish a Venture Capital division. In an official announcement to the stock exchanges, the company revealed that its Board of Directors has given the green light to incorporate a Private Limited Company, initially funded with Rs 300 million.
The primary focus of this new division will be investing in early-stage companies operating in aviation and related consumer sectors, including travel, lifestyle, hospitality, and transportation, as stated by an airline representative.
The board has endorsed the establishment of this investment within the Special Economic Zone at Gujarat International Finance Tec-City, as detailed in the exchange filing.
Furthermore, the board has sanctioned the issuance of corporate guarantees, amounting to a maximum of Rs 82.5 billion, to secure the financial obligations of the wholly-owned subsidiary.
Gaurav Negi, the airline's Chief Financial Officer, had previously mentioned the creation of this venture during a post-earnings conference call on August 2.
In another filing, the company announced its approval to place an order for 10 additional A320 NEO aircraft with Airbus, marking an amendment to the original 2019 purchase agreement. These 10 aircraft will augment the existing 300 aircraft order.
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