Latest news with #RahulBhatia
India.com
17 hours ago
- Business
- India.com
Meet man, an Indian, who became richer by Rs 113850000000 in one day by…, he is…
IndiGo was founded in 2006 by Rahul Bhatia and Rakesh Gangwal, IndiGo defied the odds to become India's largest airline. Together, they built Indigo to today's status. Rakesh Gangwal's family once held around 37% stake in IndiGo's parent firm, InterGlobe Aviation. Later on they raised serious concerns about the governance of the company. InterGlobe Aviation promoter Rakesh Gangwal and his family trust on Tuesday sold a 5.7 per cent stake in the airline for about Rs 11,559 crore (USD 1.36 billion) through a block deal, according to sources. Following the stake sale, shares of InterGlobe Aviation slipped 2.20 per cent to trade at Rs 5,301 apiece on the NSE in late afternoon trade. He was born in 1953 and studied Mechanical Engineering at IIT Kanpur and did MBA from the Wharton School, University of Pennsylvania. Rakesh Gangwal worked in United Airlines, Air France, and US Airways in different roles. This experience helped him in co-founding IndiGo. He was the chairman and CEO of Worldspan Technologies which was a travel technology company. IndiGo' used to operate a single aircraft the Airbus A320 which helped the airline to cut maintenance and training costs and they reduced the cost. Rakesh Gangwal, who co-founded IndiGo with Rahul Bhatia in 2006, later had a dispute with him over governance. In 2022 and 2023, the Rakesh Gangwal family started selling their stake for Rs 2,005 crore, Rs 2,944 crore, and over Rs 2,800 crore in three major transactions. According to media reports, Rakesh Gangwal has a real-time net worth of around USD 6.3 billion as Forbes reported. (With Inputs From PTI)
India.com
2 days ago
- Business
- India.com
Meet IIT Graduate Who Got Richer By Rs 11,385 Crore After Selling... In India's Largest Airline; Check His Net Worth
photoDetails english 2910142 Indigo Success Story: In an industry where turbulence is the norm and success stories are rare, IndiGo's journey is nothing short of extraordinary. Founded in 2006 by travel entrepreneur Rahul Bhatia and seasoned airline executive Rakesh Gangwal, IndiGo defied the odds to become India's largest airline. While Bhatia brought business vision, Gangwal's deep aviation expertise played a pivotal role in shaping the airline's low-cost, high-efficiency model. Together, they built a powerhouse—but not without friction. Rakesh Gangwal, whose family once held nearly 37% in IndiGo's parent firm, InterGlobe Aviation, would later raise serious concerns about governance, setting off one of Indian aviation's most high-profile corporate clashes. Updated:Jun 02, 2025, 05:54 PM IST IndiGo Co-founder: Massive Stake Sale By Rakesh Gangwal 1 / 9 IndiGo co-founder Rakesh Gangwal and his family trust offloaded a 5.72% stake worth ₹11,385 crore ($1.33 billion) via a block deal, reducing their holding significantly in India's largest airline, InterGlobe Aviation Ltd, according to the media reports. IndiGo Shares Sold At Rs 5,175 Each 2 / 9 The latest deal involved selling up to 2.2 crore equity shares at a floor price of ₹5,175 per share, according to a term sheet filed with the exchanges on Tuesday. IndiGo Co-founder Career And Education 3 / 9 He was born in 1953, Rakesh Gangwal studied Mechanical Engineering at IIT Kanpur and earned an MBA from the Wharton School, University of Pennsylvania, laying a strong academic foundation for his aviation career. IndiGo Co-founder: Rich Aviation Background 4 / 9 Rakesh Gangwal held key roles at United Airlines, Air France, and US Airways before co-founding IndiGo. He also served as chairman and CEO of Worldspan Technologies, a leading travel technology company. Indigo's Low-Cost Strategy Paved the Way 5 / 9 IndiGo's model revolved around operating a single aircraft type—the Airbus A320—helping the airline cut maintenance and training costs, a hallmark of its efficient low-cost strategy. Indigo Market Value Erosion Amid Disputes 6 / 9 Since July 8, InterGlobe Aviation has lost ₹8,300 crore in market value as investors reacted to concerns over corporate disputes potentially affecting IndiGo's operations. Rakesh Gangwal Seeks PM Modi's Help Over IndiGo Dispute 7 / 9 Rakesh Gangwal, who co-founded IndiGo with Rahul Bhatia in 2006, later fell out with him over governance issues. He even sought intervention from PM Modi, citing concerns in a letter to SEBI. Indigo Staggered Stake Sales Over Years 8 / 9 Between 2022 and 2023, the Rakesh Gangwal family gradually trimmed their stake, selling portions for ₹2,005 crore, ₹2,944 crore, and over ₹2,800 crore in three major transactions before the latest offloading. Indigo Co-founder Net Worth: 9 / 9 Rakesh Gangwal has a real-time net worth of USD 6.3 billion, as of May 27, Forbes reported. The 72-year-old made his fortune from InterGlobe Aviation, the parent outfit of IndiGo, India's largest airline by market share. (Image Credit: Social Media)
Forbes
2 days ago
- Business
- Forbes
Indian Billionaire Rahul Bhatia's IndiGo Steps Up Fleet Expansion Amid Travel Boom
IndiGo—India's biggest airline by revenue controlled by billionaire Rahul Bhatia—is stepping up fleet expansion plans to meet the booming travel demand in domestic and international destinations. To support expansion plans, the budget carrier has exercised an option to buy an additional 30 A350 planes from Airbus, boosting its fleet of widebody aircraft to be deployed in international routes, Bloomberg reported over the weekend. That's on top of the 30 A350 planes it ordered last year and the six Boeing 787-9 Dreamliners set for delivery next year. The company aims to expand its fleet by 50% to more than 600 aircraft by 2030, IndiGo said a statement released late last week. 'We are focused on our holistic growth to be able to offer affordable, convenient, on-time travel experience to our customers on a growing domestic and international route network,' Pieter Elbers, CEO of IndiGo said in the statement. IndiGo plans to start services on 10 new international routes this year, expanding its network to over 50 destinations. It will start direct flights to Manchester and Amsterdam from Mumbai, next month. IndiGo also plans to add flights to Athens as well as Southeast Asian destinations such as Siem Reap, Bali, Ho Chi Minh City, and Hanoi, along with central Asian cities Almaty and Tashkent. To support its fleet expansion, IndiGo has signed an agreement with Bangalore International Airport to build a 12.5-hectare maintenance and repair facility. This will add to its existing facilities in Delhi and Bengaluru. 'A dedicated MRO facility will give a significant advantage in terms of aircraft availability, greater cost efficiencies and quicker turnaround benefitting the airline,' IndiGo said. With an estimated real-time net worth of $8.5 billion, Bhatia is among the wealthiest in India. He cofounded the airline with fellow billionaire Rakesh Gangwal in 2006. Following a public falling out with Bhatia, Gangwal resigned from the company's board in 2022, vowing to sell off his IndiGo shares. Last month, Gangwal reportedly sold 115.6 billion rupees ($1.4 billion) of his shares in IndiGo.
Economic Times
3 days ago
- Business
- Economic Times
How an airline co-founder made an INR30k crore exit
He termed IndiGo a 'paan ki dukaan'. Still made INR30k crore by selling its shares Rakesh Gangwal's shareholding in IndiGo, once as high as 36.61%, has come down to approximately 7.81% today. Ever since his fallout with co-founder Rahul Bhatia over governance standards in 2022, Gangwal distanced himself from the airline's operations and strategy making. Still, he made handsome gains as IndiGo kept its growth promise. Tech company CEO shown the FONT SIZE SAVE PRINT COMMENT Refer & Earn
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Business Standard
26-05-2025
- Business
- Business Standard
Rakesh Gangwal likely to sell 3.4% stake in IndiGo for ₹6,800 crore
IndiGo Cofounder Rakesh Gangwal may divest about 3.4 per cent stake in the airline for ₹6,831 crore via block deals. This is part of Gangwal's long-term plan to gradually reduce his stake in India's largest airline, which he cofounded with Rahul Bhatia in August 2006. Sources stated that the floor price for the transaction has been set at ₹5,175 per share, nearly 4.6 per cent below the last closing price of ₹5,424. Currently, Gangwal and his related entities hold a 13.53 per cent in IndiGo. Investment banking firms Goldman Sachs (India) Securities, Morgan Stanley India Company and J P Morgan India are the placement agents for the stake sale In August last year, Gangwal and his family trust sold a 5.83 per cent stake for about ₹10,500 crore. In March 2024, he offloaded another 6 per cent for ₹6,786 crore. In 2023, his wife Shobha Gangwal sold 3 per cent in August for ₹2,802 crore, and in February, the family had sold a 4 per cent stake for ₹2,900 crore. Gangwal had resigned from IndiGo's board on February 18, 2022, declaring he would gradually exit his holding over five years. His decision came in the wake of a long-running feud with co-promoter Rahul Bhatia, which lasted over two years until December 2021. The dispute became public in July 2019 when Gangwal wrote to market regulator Sebi alleging corporate governance lapses — claims the Bhatia group denied. Both promoters took the matter to the London Court of International Arbitration, which gave its ruling in September 2021. Following this, IndiGo held an extraordinary general meeting on December 30, 2021, where shareholders approved the removal of a clause in the Articles of Association that had granted the promoters the right of first refusal on share sales. This paved the way for Gangwal to begin divesting his stake.
