Interglobe Enterprises, the largest shareholder of the world's leading automobile services company Indigo Airlines, said on Friday that it had signed an agreement to participate in the sale of Virgin Australia. The agreement came three weeks after the Australian airline declared bankruptcy due to the Coronavirus epidemic.
The InterGlobe owned by billionaire Rahul Bhatia has 37.87 percent stake in IndiGo, while Rakesh Gangwal, his family members and his family trust hold 36.64 percent stake in this airline of India. Let us tell you that the job of 16,000 people was endangered by the closure of Virgin Australia on 21 April.
Virgin Australia is Australia's second largest airline. It sought protection under the insolvency process to strengthen its financial position in the wake of the debt crisis and appointed accounting firm Deloitte as the insolvency administrator in this regard. Interglobe Enterprises stated, 'In relation to Virgin Australia, Interglobe Enterprises has signed an agreement to participate in the sales process and we are bound by the confidentiality requirements of that agreement. Therefore, we cannot say anything further at this time.
Also Read:
Stock market breaks by 200 points even after the economic package announcement
Ministry of Commerce and Industry released market valuation data
Retail market is going to reach customers, know how