IndiGo is run by the listed company InterGlobe Aviation, founded by promoters Rahul Bhatia and Rakesh Gangwal. Air India is owned by the Tata group, with Singapore Airlines holding 25.1 per cent since Vistara merged into it on 12 November 2024. Akasa Air is operated by SNV Aviation, backed early by the family of the late Rakesh Jhunjhunwala and led by CEO Vinay Dube.
Updated November 2026 · HappyFares
Three airlines carry most of the domestic flyers you see at Indian airports, and each has a very different ownership story. Here is what is publicly known, kept to the facts that are well documented.
Who owns IndiGo?
IndiGo is the brand of InterGlobe Aviation Limited, a company whose shares trade on the BSE and NSE after its public offer in October 2015. It is a listed company, which means ownership is split between the founding promoters and a large body of public shareholders such as mutual funds, institutions and individual investors.
The two founding promoters are Rahul Bhatia, whose group is InterGlobe Enterprises, and Rakesh Gangwal. Mr Gangwal stepped away from the board and has been gradually reducing his holding over the years, so the promoter split is not fixed. Because a listed company files a shareholding pattern with the stock exchanges every quarter, the exact percentages change. We have left exact percentages out for that reason. If you want the current figure, the quarterly filing on the BSE or NSE website is the right place to look.
Who owns Air India?
Air India is owned by the Tata group. The Tata group took the airline back from the government in January 2022, and it now owns the large majority of Air India Limited, the company that holds the airline.
The second owner is Singapore Airlines. When Vistara was folded into Air India, Singapore Airlines swapped its stake in Vistara for a 25.1 per cent holding in the enlarged Air India. The merger was completed on 12 November 2024, and Vistara flights stopped operating under their own brand from that date.
In plain terms, the Tata group is the controlling owner and Singapore Airlines is the significant minority partner. Air India mainline flights, which carry the AI code, are what most travellers mean when they say Air India on a domestic booking.
What about its low-cost sister? Air India Express is a separate brand within the same group. We cover it in detail here: who owns Air India Express.
Who owns Akasa Air?
Akasa Air is operated by SNV Aviation Private Limited. The airline was founded by a team that included Vinay Dube, who is its managing director and CEO, and Aditya Ghosh. The late Rakesh Jhunjhunwala was its best-known backer, and his family estate was reported to be the largest shareholder in the airline’s early years.
Since then, the airline has brought in other investors, so the shareholder list is no longer the same as at launch. As Akasa Air is a private company, it does not publish a quarterly shareholding table the way a listed airline does, which is why published percentages come from news reports and company filings of different dates and sometimes disagree. That is another reason we do not print a split here.
Did you know? Akasa is a Sanskrit word for sky, which is why the airline carries that name.
Does ownership change what you pay or how you fly?
Not directly. All three airlines set their own fares and fare families, and they are bound by the same DGCA rules on refunds, delays and passenger rights. Who owns the airline does not decide whether your ticket is refundable or what baggage you get. The fare family you pick does.
- IndiGo fares are sold as Saver, Flexi Plus, UpFront, Stretch and Stretch Plus.
- Akasa Air sells Saver and Flexi.
- Air India economy sells Value, Classic and Flex.
What ownership can affect over time is network and fleet decisions, such as which routes get new aircraft. That plays out slowly and is announced by the airlines themselves.
Where can you check ownership yourself?
For IndiGo, the investor section of the airline’s own website and the quarterly shareholding pattern on the stock exchanges are the primary sources. For Air India, look at announcements from the Tata group and Singapore Airlines about the merger. For Akasa Air, the airline’s own press releases and company filings are the best starting points.
Be careful with older articles. Ownership stories from before 2024 often still describe Vistara as a separate airline, which it no longer is.
Common Questions
Is IndiGo owned by the government?
No. IndiGo is a privately promoted airline whose parent company is listed on the stock exchanges. Founders and public shareholders own it.
Is Air India government owned again?
No. The Tata group took over Air India from the government in January 2022 and is the controlling owner today.
What happened to Vistara?
Vistara merged into Air India on 12 November 2024. Its flights now operate as Air India, and Singapore Airlines holds a 25.1 per cent stake in the combined airline.
Is Akasa Air a listed company?
Akasa Air operates through SNV Aviation, a private company, so it does not publish a stock exchange shareholding pattern the way IndiGo does.
Does the owner decide my refund?
No. Your fare family and the DGCA refund rules decide it. Check the fare rules shown at booking.
Is Air India Express the same as Air India?
They share a group owner but are separate brands with their own fare names and booking terms.
Comparing airlines for your next trip? Search IndiGo, Air India and Akasa Air side by side on HappyFares, with zero convenience fee on domestic flights, price alerts and Meera, our AI assistant, to help you pick.
Ownership and shareholding change over time, and fares and rules change too. Verify current details with the airline, the stock exchange filings, DGCA or the airport before you travel.
