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The board of InterGlobe Aviation Ltd, the parent company of private airline IndiGo, on Monday granted approval for incorporation of a wholly-owned subsidiary of the company.
“The 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 signal 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.
“In compliance with Regulation 30 and other applicable regulations of the SEBI LODR Regulations, we wish to inform that the Board of Directors of the company, at its meeting held on Monday, has approved the incorporation of a wholly-owned subsidiary of the company, investment up to Rs 30 crore in one or more tranches, issuing corporate guarantees of up to $996 million (or an equivalent amount in Indian rupees or any other currency) to secure the payment obligations of aforesaid wholly-owned subsidiary,” it said in a BSE filing.
Gaurav Negi, the airline’s Chief Financial Officer, had previously disclosed the creation of this venture while addressing participants during a post-earnings conference call on August 2.