 "IndiGo to invest $820 mn in IGA Financial Services for aircraft acquisition")
Domestic carrier IndiGo on Friday said it has approved an investment of $820 million (about Rs 7,270 crore) in its wholly-owned subsidiary InterGlobe Aviation Financial Services IFSC Private Limited for aircraft acquisition.
The investment will be made through a combination of equity shares and 0.01 per cent non-cumulative optionally convertible redeemable preference shares (OCRPS), in one or more tranches, the airline said in a statement.
The funds raised by the subsidiary firm will be primarily deployed towards acquisition of aviation assets, thereby enabling ownership of aircraft, the airline said.
IndiGo has 411 aircraft in its fleet as on November 21, according to aircraft fleet tracking website planespotter.net, with 365 in operations and the remaining 46 on ground.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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