IndiGo Co-Founder Resigns Ending Feud at Top Asia Budget Airline
- Gangwal plans to cut stake ‘slowly’ over five years: Filing
- He had accused Bhatia of corporate governance lapses at IndiGo
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Rakesh Gangwal, the billionaire co-founder of IndiGo, stepped down from the company’s board and announced plans to pare his stake, ending a years-long bitter shareholder dispute atop Asia’s biggest budget airline by market value.
Gangwal will “slowly” reduce his stake in InterGlobe Aviation Ltd., which operates IndiGo, over more than five years, according to his letter to the board, which was sent to the stock exchanges Friday. Gangwal and his family hold almost 37% in the Indian airline.