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IndiGo stuns all with $6 B order
By agencies
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Friday, 17 June 2005, 19:30 IST
NEW DELHI: In a stunning development at the Paris air show, a little-known Delhi-based company, InterGlobe Enterprises, placed an order for 100 Airbus 320 aircraft worth $6 billion.
This is the single largest Indian order at the show this year, overtaking Kingfisher Airlines $5 billion order for 15 aircraft (including 5 of the worlds largest jetliners, the A380s) and Jet Airways $4.4 billion order for 30 aircraft. InterGlobe spokesperson could not explain how it would raise the $6 billion required.
An Airbus release said InterGlobe would launch its operations under the IndiGo brand. It said InterGlobe and Rakesh Gangwal, ex-CEO of U.S. Airways are jointly promoting the venture.
Inquiries with the director general of civil aviation revealed that InterGlobe had originally obtained an airline license in 2002, which had expired.
Recently, it got the license renewed. Rahul Bhatia who entered the business in 1989 with ticketing and travel services promotes InterGlobe. Bhatia also runs the travel technology firm Galileo India.