Qatar Airways is not interested in buying a stake in IndiGo’s parent InterGlobe Aviation Ltd. from its co-promoter Rakesh Gangwal, who plans to sell his holdings in the budget Indian airline over the next five years, the Doha-based carrier’s CEO Akbar Al Baker said on Monday.
“We will only buy something from Rahul [Bhatia], not from anyone else,” Mr. Al Baker told The Hindu on the sidelines of the International Air Transport Association’s Annual General Meeting in Doha.
The comments make it clear that Mr. Al Baker, who has had an abiding interest in IndiGo, is not inclined to take advantage of the feud between the Indian airline’s two promoters, Rahul Bhatia and Rakesh Gangwal. The Qatar Airways’ CEO is known to be close to Mr. Bhatia whom he has previously termed a “good friend”.
In February, Mr. Gangwal resigned from InterGlobe’s board and said that he would be gradually offloading his stakes over the next five years.
Mr. Gangwal, his wife Shobha and their family trust together hold 36.6% stake in the parent entity and Mr. Bhatia and his related entities own almost 38%.
Last year, InterGlobe’s shareholders approved a change in the company’s Articles of Association, which had until then offered the promoters the right of first refusal during a stake sale. The move paved the way for Mr. Gangwal to sell his holding without his co-founder’s approval.
(The writer was in Doha at the invitation of IATA)
