By Sanjay Singh / New Delhi
Serious differences between the two founders of IndiGo, Rahul Bhatia and Rakesh Gangwal have cropped up over strategies and ambitions for the airline, whic has raised concerns in the industry and the government.
The specific clauses in the shareholders’ agreement that are the bone of contention could be very damaging over which the two stakeholders have issues could affect airline’s functioning , if its left unresolved,, according to industry sources.
In a bid to resolve its differences amicably, Gangwal and Bhatia are taking help from law firms J Sagar Associates and Khatian & Co.
InterGlobe Aviation CEO Ronojoy Dutta in an email to his employees on Thursday has stated that the growth strategy of IndiGo remains unchanged and the airline’s management has full backing of the company’s board of directors to implement it. The email was sent to employees following media reports early today concerning alleged disagreements between the airline’s two promoters.
“I want to assure you that the growth strategy of the airline remains unchanged and firmly in place, and the management is fully charged by the Board to implement it,” Dutta said in the email. “I am sure you are all aware of the press reports regarding alleged disagreements between our two promoters Rahul Bhatia and Rakesh Gangwal,” he added. The CEO said IndiGo would continue to focus on building value for all its shareholders, employees, customers and all other stakeholders.
InterGlobe Aviation which owns and manages IndiGo airline, has close to 44 per cent stake in the domestic passenger market. On the other hand, Gangwal owns around 37 per cent share in InterGlobe Aviation, Bhatia has around 38 per cent share in the company that is listed on the Bombay Stock Exchange.