"Growth Strategy Remains Unchanged": IndiGo CEO On Alleged Disagreement Between Promoters

The growth strategy of IndiGo remains unchanged and the airline's management has full backing of the company's board of directors to implement it, said Ronojoy Dutta, CEO, InterGlobe Aviation, in an email to his employees on Thursday. The email was sent to employees by the CEO as there were various media reports on Thursday morning regarding alleged disagreements between the airline's two promoters - Rahul Bhatia and Rakesh Gangwal. InterGlobe Aviation owns and manages IndiGo airline, which has around 44 per cent share in the domestic passenger market.

"I want to assure you that the growth strategy of the airline remains unchanged and firmly in place, and the management is fully charged by the Board to implement it," Mr Dutta said in the email.    

"I am sure you are all aware of the press reports regarding alleged disagreements between our two promoters Rahul Bhatia and Rakesh Gangwal," he added. The CEO said the company would continue its focus on creating value for all shareholders, customers, employees and the communities it serves.  

As per the media reports, serious differences have cropped up among the two chief promoters over strategies and ambitions for the airline.

In order to resolve the differences amicably so that it does not affect airline's functioning, Mr Gangwal and Mr Bhatia are taking help from law firms J Sagar Associates and Khatian & Co, respectively, as per the media reports. IndiGo did not respond to the specific queries sent by the PTI regarding this matter.    

While Mr Gangwal owns around 37 per cent share in InterGlobe Aviation, Mr Bhatia has around 38 per cent share in the company that is listed on the Bombay Stock Exchange.

At 3:16 pm, shares in InterGlobe Aviation were trading down 9.24 per cent at Rs 1,460 on the BSE underperforming the benchmark index Sensex which was up 0.80 per cent.