Mumbai
Rakesh Gangwal, the co-founder of IndiGo, has resigned from the board of directors of the company. He mentioned that he is planning to reduce his stake in the company over a period of 5 plus years. Mr. Gangwal also mentioned that he may consider joining IndiGo again as a board member in the future.
This comes a few days after Rahul Bhatia, co-founder of the airline, was made the Managing Director (MD) of the company. In December last year, the shareholders of the parent company approved changes to articles of association, including scrapping rules that restricted sale or transfer of shares to a third party.
"I have been a long-term shareholder in the company for more than 15 years and it's only natural to someday think about diversifying one's holdings," Gangwal said in a letter to the board of InterGlobe Aviation.
Correspondent
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