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Andy Mukherjee

IndiGo Can't Fly High With Fights in the Cockpit

The No. 1 airline in India should be rewarding shareholders. Instead, its co-founders are busy sparring.

At this altitude, nosebleeds get messy.

At this altitude, nosebleeds get messy.

Photographer: Dhiraj Singh/Bloomberg

The co-founders of India’s No. 1 airline are engaged in a bitter feud. Their quarrel couldn’t have come at a worse time for minority shareholders of InterGlobe Aviation Ltd., the company that owns IndiGo. 

Investors were just starting to enjoy the fruits of a frenetic expansion that saw the no-frills carrier, Asia’s largest, double its capacity in the three years through March. Full-cost rival Jet Airways India Ltd. tried to keep up, until it was forced to ground its last plane in April under a truckload of debt. Meanwhile, InterGlobe has put together a cash war chest — net of debt — of nearly $2 billion.