Indigo declined any interest in virgin Australia

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IndiGo Airlines : As the global aviation and travel and tourism industry continue to get exploited as a result of the travel restrictions imposed to curb the coronavirus pandemic, news reports flowed through the market suggesting that IndiGo airlines is looking forward “to put together an indicative proposal” to purchase stake in Virgin Australia. Currently, virgin Australia is undergoing bankruptcy proceedings. IndiGo, however, officially denied the report. Virgin Australia went into administration last month with around $5 billion in debt. As of end-December 2019, IndiGo’s had net debt of about Rs 20,000 crore. IndiGo’s cash reserves are expected to be immensely affected by the ongoing grounding of flights and the stoppage in the travel industry.

IndiGo

“We ask certain media reports stating that IndiGo has expressed an interest in Virgin Australia. We deny the contents of those reports and would really like to clarify that IndiGo has not formulated any indicative proposal, nor does it have any interest during this matter,” IndiGo CEO, Ronojoy Dutta said in a statement.

It is claimed by the officials that, InterGlobe Enterprises was interested in submitting a proposal to Deloitte which was responsible for administering Virgin Australia. InterGlobe is owned by Rahul Bhatia.

 

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