This Indian called his business ‘Paan Ki Dukaan' but earned Rs 300000000000 from it by selling…, his name is…, business is…
India's largest airline, IndiGo, is again in the spotlight over its co-founders, Rakesh Gangwal and Rahul Bhatia. Gangwal had once likened IndiGo to 'paan ki dukaan' (betel shop). The company he once criticized has given a huge amount of profits.
Recently, Rakesh Gangwal and his family trust on Tuesday trimmed their holdings by divesting a 5.72 per cent stake in the airline for Rs 11,564 crore through open market transactions. IndiGo's Dispute
IndiGo Airlines was co-founded in 2006 by Rahul Bhatia and Rakesh Gangwal. It had become India's largest domestic airline. However internal conflicts also started between two co-founders. Gangwal raised concerns about the board's functioning, transparency, and corporate governance. He started reducing his stake in the company, and tensions between the two founders came openly into public domain.
The high point was in 2019 when Gangwal spoke on the company's governance by calling it a 'paan ki dukaan'. In response, Bhatia told the media, 'If it's a paan ki dukaan, it's running very well.' Gangwal started being away from the company's control but also earned huge profits from shares sold. Gangwal's Huge Profit In Shares
Since February 2022, Gangwal and his wife Shobha Gangwal have been offloading their shares in IndiGo. In September 2022, Rakesh Gangwal and Shobha Gangwal sold a 2.74 per cent shareholding for Rs 2,005 crore. In February 2023, Shobha divested a 4 per cent stake in the company for Rs 2,944 crore. Later in August, she sold a nearly 2.9 per cent stake in the company for a little over Rs 2,800 crore.
In August 2024, Rakesh Gangwal's family trust sold a 5.24 percent stake in the airline for Rs 9,549 crore. Before that, he had sold shares in March. U p to date, he has earned over Rs 30,000 crore from his stake in IndiGo.
Despite the rift between its co-founders, IndiGo is still the largest of the Indian Airlines.
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