The Foreign Investment Promotion Board on Friday gave conditional approval to the proposal of InterGlobe Aviation which would pave the way for fresh foreign direct investment in private air carrier IndiGo.
Move aimed at giving more headroom to foreign investors.
Rakesh Gangwal's holding is considered FDI even though the majority stake in Caelum is held by NRIs
While most of these commanders quit the airline for better prospects, some of them also parted ways due to the work culture
It is clear that foreign airlines have realised the growth possibilities of the Indian aviation sector and are keenly interested, the minister said.
IndiGo is arguably more a financial services company than airline.
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