FIPB 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.
“IndiGo’s proposal has been cleared subject to approval of High Court,” an official said after a meeting of the Foreign Investment Promotion Board (FIPB) headed by Finance Secretary Arvind Mayaram.
InterGlobe Aviation is the holding company of IndiGo. As per the proposal, equity holding of IndiGo’s promoter Rakesh Gangwal through Caelum Investments will be classified as NRI investment and free the FDI limit for fresh investment.