Categories: Business

Indigo promoter Interglobe Enterprises in race to buy Virgin Australia


InterGlobe Enterprises, IndiGo's parent, confirms interest in Virgin Australia

new Delhi. Interglobe Enterprises, the largest shareholder of Indigo Airlines, said on Friday that it had signed an agreement to participate in the sale of Virgin Australia. The deal comes three weeks after the Australian airline announced bankruptcy due to the Corona virus epidemic. Billionaire Rahul Bhatia-owned Interglobe holds a 37.87 percent stake in IndiGo, while Rakesh Gangwal, his family members and his family trust hold a 36.64 percent stake in India's largest airline.

Virgin Australia was shut down on 21 April, causing 16,000 job losses. Australia's second-largest airline Virgin Australia sought protection under the insolvency process to strengthen its financial position in the wake of the debt crisis and appointed accounting firm Deloitte as a bankruptcy administrator in this regard.

Interglobe Enterprises stated that in relation to Virgin Australia, Interglobe Enterprises has signed an agreement to participate in the sales process and we are bound by the confidentiality requirements of that agreement. So we are unable to say anything further at this time.

This post was published on May 15, 2020 1:52 pm

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