IndiGo co-founder's family to sell stake up to Rs 7,500 crore?

News Network
June 12, 2023

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Mangaluru, June 12: The family of IndiGo's co-founder Rakesh Gangwal was likely to sell between 5%-8% stake in the Indian airline's parent InterGlobe Aviation Ltd, worth up to Rs 7,500 crore ($909.58 million), CNBC Awaaz said in a report, citing sources.

Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99% respectively in InterGlobe as of March 31, while their Chinkerpoo Family Trust holds a 13.5% stake, according to exchange data.

The Gangwal family will likely sell stake in block deals when the lock in for shares open on July 15, the report said.

Shobha Gangwal had cut her stake in the company by over 4% in February.

Interglobe Aviation and a representative for the Gangwal family did not immediately respond to Reuters' request for comment.

Rakesh Gangwal resigned from the company's board in Feb. 2022 and had said that he would cut his stake in the airline over five years.

Rakesh Gangwal and Rahul Bhatia, who co-founded IndiGo in 2006, fell out in early 2020 when the former sought to modify certain rules in the company's articles of association.

Shares of the company, which are up over 19% year to date, fell as much as 3.1% after the stake sale report.

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News Network
January 1,2025

Udupi: In a shocking case of investment fraud, a 72-year-old man from Udupi, Karnataka, lost Rs 49 lakh after falling prey to a deceptive stock market scheme. The incident highlights the growing menace of online scams targeting unsuspecting individuals.

According to the complaint filed by Francis Castelino, an unknown individual added his son's mobile number to a WhatsApp group titled "Stock Market Navigation." The group shared stock market insights and promised lucrative returns, convincing Castelino’s son to invest. Trusting the information, the son persuaded his father to make substantial investments.

On December 30, 2024, Castelino transferred Rs 17,00,000, his wife contributed Rs 10,50,000, and their son invested Rs 21,50,000 to the bank account provided by the fraudsters. 

However, when Castelino attempted to withdraw the invested money, he and his family were pressured to reinvest further. Realizing that the promised profits and their principal amount were not forthcoming, the family approached the police for help.

A case has been registered at the Udupi CEN Police Station under Sections 66(C) and 66(D) of the IT Act and 318(4) BNS. Investigations are underway to track down the culprits and recover the lost funds.

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News Network
January 13,2025

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The director general of the Ministry of Health in Gaza has described as “hell” the situation in the north of the strip which has been under an Israeli ground offensive and siege for “100 days”.

“The situation is literally like hell,” Munir al-Barsh said on Sunday, referring to daily Israeli attacks and the regime’s ban on food delivery to medical staff trapped in the north’s hospitals.

He added that “hospitals in northern Gaza have turned into mass graves.”

Al-Barsh noted that the offensive and the destruction of hospitals and infrastructure and any sign of life in the north are aimed to empty the region of its residents.

“The Israeli occupation has been deliberately destroying the health system since the very first moment,” he said, adding that “the destruction of hospitals was the greatest evidence of the [Israeli] genocide.”

According to his statements, 5,000 people have been killed or gone missing, while 9,500 others have been injured since the start of Israel’s offensive on the north of Gaza in early October 2024. The regime’s forces have also abducted about 2,300 people, including 65 medical staff, during the ongoing offensive.

Al-Barsh slammed the “disgraceful” silence of the international community on Israel’s atrocities, which he said, has “deepened the suffering of innocent civilians.”

Israel launched a genocidal war on Gaza on October 7, 2023 after the Palestinian resistance movement Hamas waged the surprise Operation Al-Aqsa Flood against the occupying entity in response to the Israeli regime's decades-long campaign of bloodletting and devastation against Palestinians.

The regime’s bloody onslaught on Gaza has so far killed at least 46,565 Palestinians, mostly women and children, and injured more than 109,660 others. Thousands more are also missing and presumed dead under rubble.

However, the UK’s Lancet medical journal estimates the actual number of deaths in the war is much higher than the official toll.

According to the study, figures reported by the Palestinian health ministry likely undercounted the death toll by 41 percent in the first nine months of the war as the Gaza Strip’s healthcare infrastructure unraveled.

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News Network
January 13,2025

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Riyadh: The Indian Embassy in Riyadh hosted a grand Indian Community Interaction Program at its auditorium in the Diplomatic Quarter, attended by the Honorable Minister for Parliamentary and Minority Affairs, Shri Kiren Rijiju. The event, which commenced at 6 PM (KSA time) brought together a vibrant gathering of Indian community members, Embassy officials and dignitaries.

The Minister was warmly welcomed by the Indian community steering committee with a traditional Himachali cap and shawl, symbolizing Indian cultural richness and diversity. The Honorable Indian Ambassador to Saudi Arabia, Dr. Suhel Ajaz Khan, shared the dais. 

In his address, Shri Kiran Rijiju emphasized the growing strategic partnership between India and Saudi Arabia, describing it as critical for fostering mutual growth and supporting the well-being of the Indian diaspora. He remarked, “India and Saudi Arabia share ancient ties, which have evolved into a robust partnership spanning trade, education, technology and culture.”

“The Kingdom is not only home to 2.6 million Indians but also a key ally in advancing global stability and prosperity,” he said. With the Indian diaspora in Saudi Arabia being the second-largest globally, Shri Rijiju equated their number to the population of many nations.

Shri Rijiju underscored the shared commitment to strengthening cultural and economic links, which directly benefit the Indian community in Saudi Arabia and their families in India. 

He captivated the audience with his thoughtful address, expressing gratitude to the Indian diaspora for their invaluable contributions. Reflecting on his earlier visits to the Kingdom as a Member of Parliament and individual basis, he emphasized the significance of this trip as Minister for Parliamentary and Minority Affairs and it’s going to be helpful to the people, especially Hajjis and all Indian diasporas, who are living in the Kingdom. 

Hajj 2025 Preparations & Increase in Hajj Quota

A major highlight of Shri Rijiju’s address was the Government of India’s efforts to improve the Hajj experience for Indian pilgrims. He announced an increase in the Hajj quota for 2025 and introduced new guidelines aimed at ensuring safety, efficiency, and comfort, especially for elderly pilgrims, women and others. 

The Minister emphasized India’s collaboration with Saudi authorities to streamline travel, accommodation, and healthcare facilities for pilgrims, ensuring a hassle-free and spiritually fulfilling experience. He reiterated the government’s commitment to safeguarding the interests of Hajjis, reflecting India’s proactive approach to catering to the needs of its citizens abroad.

Rising Global Stature of India

Shri Rijiju also emphasized and spoke about India’s emergence as a global power. “Unlike a decade ago, India today is a center of global influence with strong ties to almost every nation; India is becoming a global center of power, linked to almost every nation,” he said. The world’s perception of India and Indians has transformed positively, and every Indian can now feel a profound sense of pride,” he stated.

Commendation for Embassy and Cultural Performances

The minister praised the Indian Embassy in Riyadh and the Consulate in Jeddah for their exceptional works including managing one of the busiest workloads among Indian missions globally, such as issuing around 600 passports daily. He also praised their active involvement in promoting bilateral relations.

The evening featured cultural performances by students from Indian International Schools in Riyadh. Classical dances, along with a special performance marking Vishwa Hindi Divas, captivated the audience. Shri Rijiju applauded the students for showcasing the richness of India’s linguistic and cultural diversity, emphasizing equal respect for all Indian languages such as Tamil, Malayalam, Kannada, Telugu, Marati, Rasthani, Manipuri, Dogra etc. 

The event concluded with the Minister distributing prizes to winners of various competitions, leaving attendees inspired and proud of their shared cultural roots. Dinesh Setia, First Secretary at the Indian Embassy, ensured the program’s seamless flow as the master of ceremonies.

The Indian community expressed gratitude to Shri Rijiju for his inspiring vision and praised the Embassy for hosting a memorable evening.

(Inputs from P.A. Hameed Padubidri, Riyadh)

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