Meet IITian who once donated Rs 100 crore to IIT, owns Rs 29218 crore stake in Rs 98313 crore firm

Rakesh Gangwal is one of the richest India-Americans in the world. He is a billionaire. His family owns nearly 30 percent of IndiGo airlines. He is reportedly planning to sell 4 percent stake and raise over Rs 3700 crore.

Gangwal has held senior positions in the American airspace industry, including CEO of US Airways Group. He was also the chairman of Worldspan Technologies.

He was born in 1953. He holds a degree in Mechanical Engineering from the Indian Institute of Technology, Kanpur in 1975. He later completed an MBA from the Wharton School of the University of Pennsylvania.

In 2022, Gangwal made headlines as he donated Rs 100 crore to IIT Kanpur. He donated the money to set up a school of medical sciences and technology.

Rakesh Gangwal had also been on the board of advisers of the University of Colorado (Denver).

According to a recent report, he is likely to sell shares worth 450 million dollars (Rs 3730 crore) through a block deal. They have put up 15.6 million shares at a price of Rs 2400 per share.

The market capital of the company is Rs 98313 crore. Their net worth is around Rs 29218 crore.