Rakesh Gangwal, the co-founder of India's largest carrier, has donated ₹100 crore to Indian Institute of Technology Kanpur in a philanthropic gesture.
Gangwal's donation to his alma mater IIT Kanpur was announced by the institute's director on Twitter.
"In an extraordinary gesture, our alumnus Rakesh Gangwal, co-founder of IndiGo airlines, has made one of the largest personal donations with a ₹100 crore contribution focused on supporting the School of Medical Sciences & Technology at IIT Kanpur," IIT Kanpur director Abhay Karandikar tweeted.
This comes weeks after Gangwal announced his exit from the board of InterGlobe Aviation, the parent of IndiGo. Gangwal was a non executive, non independent director on the board.
The IndiGo co-founder had said the decision is meant to facilitate plans to cut down his equity stake in the company and diversify his holdings. He mentioned that future events may lead to a change of plans, and he shall consider returning to the board in future.
On his plans to reduce his stake in InterGlobe Aviation, the parent company of IndiGo airline, Gangwal wrote that it will be done in the next five years or more. “I have been a long-term shareholder in the company for more than 15 years and it's only natural to someday think about diversifying one's holdings. Accordingly, my current intention is to slowly reduce my equity stake in the Company over the next 5 plus years,” he had said.
“While new investors should benefit from the potential future growth in the company's share price, a gradual reduction of my stake should also allow me to benefit from some of the upside. Like any plan, future events may impact my current thinking,” he further adds.
Gangwal and his family hold 36.6% stake in InterGlobe Aviation, while Rahul Bhatia, another co-founder of IndiGo and its managing director, and his family hold 37.8% stake. The two partners had been at loggerheads after Gangwal approached various authorities to amend the company’s articles of association, alleging corporate governance violations.
In February, the board of India's largest airline approved the appointment of Rahul Bhatia as the managing director.
