IndiGo Appoints Vikram Singh Mehta As Chairman
IndiGo also appointed Ton Dortmans to aid in facilitating the buildup of the firm's overall maintenance, repair and overhaul strategy and capabilities.
InterGlobe Aviation Ltd. appointed Vikram Singh Mehta as the chairperson of the board, according to a press release from the firm on Wednesday.
Mehta succeeds Venkataramani Sumantran, who withdrew from the post after completing his five-year term as a board member. Sumantran was appointed chairperson of the board in May 2022.
Mehta started his professional career in the Indian Administrative Services in 1978 and served in that capacity for two years after which he transitioned into the corporate sector. Mehta was also the chairperson of the Shell Group of Companies in India and the chief executive officer of Shell Markets and Shell Chemicals, Egypt.
His corporate executive experience includes serving on the boards of Colgate Palmolive (India) Ltd., Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd.
He additionally served as the chairperson of the public policy think tank Centre for Social and Economic Progress and was the former executive chairperson of Brookings India as well as Senior Fellow at Brookings Institution.
Mehta is a mathematics graduate from St. Stephen’s College, Delhi University, He also has a master’s degrees from Oxford University in Politics and Economics, and th another one in Energy Economics from Tufts University.
IndiGo additionally appointed Ton Dortmans to oversee the technical entry into service of IndiGo’s A350. He will also aid in facilitating the buildup of the firm's overall maintenance, repair and overhaul strategy and capabilities.
"As part of the IndiGo strategy 'Towards New Heights and Across New Frontiers' laid out mid2022, IndiGo launched a broad range of initiatives. One of these initiatives has been the ordering of widebody Airbus A350 which are expected to be delivered by starting 2027. Both the operation and maintenance of IndiGo’s own wide-body aircraft, powered by Rolls Royce engines, will be new for IndiGo," the firm said in a press release.
Shares of InterGlobe Aviation Ltd. closed 0.32% higher at Rs 5,330 apiece on the NSE, compared to a 1.1% fall in the benchmark Nifty. The stock had risen 27.01% in the last 12 months and 17.04% on a year-to-date basis.
Nineteen out of 23 analysts tracking the company, have a 'buy' rating on the stock, two recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 11.6%.
