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IndiGo has committed for 100 A320 aircraft with Airbus. Although Airbus did not reveal the agreed price, the catalogue value of the planes is $6bn (£3.29bn).
The venture is being jointly promoted by InterGlobe Enterprises and Rakesh Gangwal, globally recognized for his management skills and expertise in the airline industry.
"IndiGo is the result of extensive analysis and planning by very experienced airline executives and we are convinced it will be a successful new player in a market that is both large and fast growing," says Noël Forgeard, Airbus president and CEO.
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"Airbus A320 aircraft have been chosen by many of the world's new and successful low-cost carriers, and we like to think that our products are making a valuable contribution to their prosperity," he added.
"The aviation industry in India is on the threshold of the next big revolution and IndiGo is ideally positioned to fill the fast emerging need for reliable, efficient and economical air travel," says Rahul Bhatia, InterGlobe Enterprises managing director.
"IndiGo will also make a humble yet significant contribution to India's growth by creating employment opportunities directly and through ancillary services, " Bhatia adds.
Established in 1989, InterGlobe Enterprises has a significant presence in the fields of aviation management, travel related services, travel technology, travel distribution services and hotel development & management services.
"We are pleased with our selection of A320 family aircraft for the launch of IndiGo," says Rakesh Gangwal.
"IndiGo will serve the nation's air travellers with superior customer service and provide great value for money, using Airbus A320 aircraft that we have chosen because of their passenger comfort, economy and modern design," he adds.
Rakesh Gangwal has been associated with the travel industry since 1980. In his aviation career spanning over two decades, he has worked with United Airlines, Air France and US Airways in senior management positions.
Airbus' A320 is one of the most successful aircraft companies in the world, having been chosen by more than 190 customers and operators around the world.
Firm orders for the Airbus A320 family stand at more than 3,500 aircraft, almost 2,500 of which have been delivered. Airbus is an EADS joint Company with BAE Systems.