LONDON – IndiGo’s co-promoter Rakesh Ganwal has resigned from the board of directors of the parent company InterGlobe Aviation on Friday 18 February, stating that he will gradually reduce the equity stake in the airline over the next 5 years.

Ganwal and his related entities own around 37% of the company. “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,” Gangwal said in his letter to the board members.

“Accordingly, my current intention is to slowly reduce my equity stake in the company over the next five-plus years,” he added.