The InterGlobe Aviation Limited (IndiGo) on Monday announced that the Board of Directors of the Company, at its meeting held today has approved the incorporation of a wholly owned subsidiary of the Company which will focus on investing in early-stage companies operating in aviation and consumer-focused allied sectors as well as investment up to Rs 30 crores in one or more tranches, and issuing corporate guarantees of up to USD 996 million (or an equivalent amount in Indian Rupees or any other currency) to secure the payment obligations of aforesaid wholly owned subsidiary, the company announced through an exchange filing.
The IndiGo Board has approved the investment pertaining to setting up a unit in SEZ in accordance with SEZ Rules, 2006, as amended at Gift City (Gujarat International Finance Tec- City), Gujarat, which is being developed as a global financial services hub by Government of India, said via the exchange filing.
Moreover, the board has approved issuing corporate guarantees of up to USD 996 million to secure the payment obligations of aforesaid wholly owned subsidiary.
InterGlobe Aviation Limited shares
The shares of InterGlobe Aviation Limited on Monday at 2:02 pm IST were at Rs 2,467.95, up by 1.19 percent.
