The biggest shareholder of Indian budget carrier IndiGo is considering a bid for Virgin Australia Holdings Ltd., joining a score of suitors seeking to capitalize on Asia’s first airline casualty from the coronavirus pandemic.

Rahul Bhatia, who owns the Indigo holding through InterGlobe Enterprises Ltd., is evaluating data of the Australian airline founded by Richard Branson and is finalizing a strategy, a person with direct knowledge of the matter said. No decision has been made, the person said, asking not to be identified as the matter was confidential.

IndiGo denied an earlier report it plans to bid for Virgin Australia. The proposal is being prepared by InterGlobe Enterprises, and not by IndiGo, the person said.

Virgin Australia has attracted at least 20 potential buyers as its administator, Deloitte, races to sell the airline within two months of its collapse. Deloitte is seeking indicative bids by Friday and binding offers in June, targeting a deal by the end of that month.

Virgin Australia collapsed owing A$6.84 billion ($4.5 billion) to more than 10,000 creditors, overwhelmed by a near-halt in revenue as the coronavirus shut down travel.

News Source: Livemint


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