Country's largest domestic airline IndiGo on Monday announced the creation of a venture capital arm, which would invest in early-stage companies operating in aviation, consumer-focused allied sectors such as travel and lifestyle, hospitality and transportation sector.
InterGlobe Aviation Ltd, which operates IndiGo, noted in an exchange filing that the Board of Directors has approved the incorporation of a private limited company with an initial investment of Rs 30 crore.
The exchange filing read, “In compliance with Regulation 30 and other applicable regulations of the SEBI LODR Regulations, we wish to inform that the Board of Directors of the Company, at its meeting held today, September 4, 2023 (staring time: 10.30 a.m., closing time: 12.30 p.m.), has approved:
a) Incorporation of a wholly owned subsidiary of the Company
b) Investment up to Rs 30 crore in one or more tranches
c) Issuing corporate guarantees of up to $996 million (or an equivalent amount in Indian Rupees or any other currency) to secure the payment obligations of aforesaid wholly owned subsidiary. ”
Moreover, the airline's board has approved the investment which will be setup in the Special Economic Zone at Gujarat International Finance Tec-City, the airline highlighted.
Last month, the airline’s Chief Financial Officer, Gaurav Negi, had announced the creation of the venture arm while addressing a post-earnings conference.
"We are looking to start a venture capital firm for investments into startups operating in aviation, consumer and allied sectors such as travel & lifestyle, hospitality, and transportation," he said.
04/09/2023 Business Today
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