InterGlobe Enterprises, IndiGo's Parent Company, Signs Agreement to Participate in Sale of Virgin Australia

New Delhi, May 15: InterGlobe Enterprises, IndiGo's biggest shareholder company, announced that it has signed an agreement to participate in the sale of Virgin Australia. According to an ANI update, InterGlobe Enterprises said, "We are bound by the confidentiality requirements of that agreement. We are unable to say anything further at this stage." This is reportedly the first time that an Indian carrier is bidding for an airline abroad.

Virgin Australia, the nation's second-largest airline, announced in April, it had entered voluntary administration as it sought to strengthen its finances amid a debt crisis. Virgin said in a statement to the Australian Securities Exchange that it had appointed a team of Deloitte administrators to "recapitalize the business and help ensure it emerges in a stronger financial position on the other side of the COVID-19 crisis". This came after the Australian government refused Virgin’s request for a 1.4 billion Australian dollar ($888 million) loan. Virgin Australia Ends Deal With Royal Brunei Airlines After Country Makes Gay Sex and Adultery Punishable by Stoning to Death Under New Sharia Law.

InterGlobe Enterprises Sign Agreement to Participate in Sale of Virgin Australia:

According to a Financial Review report, the final deadline for initial offers is 6 pm on Friday, which marks the end of the first round of the Virgin fire sale. The report further mentioned that the four most serious submissions are likely to come from local private equity outfit BGH Capital, Canada's Brookfield Asset Management, global PE giant Bain Capital and India's InterGlobe Enterprises.

(The above story first appeared on LatestLY on May 15, 2020 12:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).