The Board of InterGlobe Aviation Ltd, which operates Indigo has approved the creation of a Venture Capital Arm that will invest in aviation startups. The company focusses on investing in early-stage companies operating in aviation, consumer-focused allied sectors such as travel & lifestyle, hospitality and transportation.
In a regulatory filing, the company has said that the board has approved Rs 30 crore as an initial investment for the wing which will be set up in the Special Economic Zone at Gujarat International Finance Tec-City.
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To secure the payment obligation, the company has also approved issuing corporate guarantees worth up to $996 million.
Gaurav Negi the airline's chief financial officer had announced the creation of the arm while addressing a post-earnings conference call on August 2. He had mentioned that Indigo has applied for regulatory approval to start a venture capital arm of IndiGo to invest in travel-related businesses.
"We are looking to start a venture capital firm for investments into startups operating in aviation, consumer and allied sectors such as travel & lifestyle, hospitality, and transportation," Negi had said.