New Delhi: InterGlobe Aviation — the parent company of IndiGo, India's
largest airline by domestic carriage — has sought Foreign Investment
Promotion Board's (FIPB) nod for possible funding ahead of its proposed
initial public offer.
The move comes even as several foreign airlines such as Qatar Airways had evinced interest in buying into the airline. The company's matter is listed for discussion for FIPB's meeting next Friday.
While IndiGo did not comment what its proposal for the FIPB is, sources indicated the airline also wants clarity on the roadblock it faces on being 48% foreign owned — with the current FDI limit being 49% for investment by foreign airlines into local carriers. Rakesh Gangwal, a co-founder of IndiGo along with InterGlobe chief Rahul Bhatia, owns 48% in IndiGo through his US-based firm Caelum Investment.
Read news in full 26/07/14 Times of India
The move comes even as several foreign airlines such as Qatar Airways had evinced interest in buying into the airline. The company's matter is listed for discussion for FIPB's meeting next Friday.
While IndiGo did not comment what its proposal for the FIPB is, sources indicated the airline also wants clarity on the roadblock it faces on being 48% foreign owned — with the current FDI limit being 49% for investment by foreign airlines into local carriers. Rakesh Gangwal, a co-founder of IndiGo along with InterGlobe chief Rahul Bhatia, owns 48% in IndiGo through his US-based firm Caelum Investment.
Read news in full 26/07/14 Times of India
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