IndiGo approves $820M funding
Indian low-cost carrier IndiGo has approved a $820 million funding plan.
“The board of directors of the company has approved a proposal to raise funds,” IndiGo said in a statement.
The airline plans to use the funds to reduce debt and for future growth plans, according to a report by Reuters.
IndiGo has been looking to reduce its debt, which stood at $3.3 billion as of March 2022.
The airline has been facing challenges due to high fuel prices and the impact of the COVID-19 pandemic on the aviation industry.
In 2022, IndiGo's revenue fell 24% year-over-year to ₹39,370 crore ($4.8 billion), while its net loss widened to ₹1,737 crore ($215 million).
IndiGo has been trying to reduce its debt by selling off some of its aircraft and leasing them back.
The airline has also been looking to expand its international operations and has been in talks with several foreign airlines for potential partnerships.
Author's Note: IndiGo's funding plan is a significant step towards reducing its debt and achieving future growth plans, but the airline still faces significant challenges in the competitive Indian aviation market.
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