This is why Rahul Bhatia's InterGlobe Enterprises may be out of the race for Virgin Australia

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26 Aug, 2025 12:21

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Rahul Bhatia's InterGlobe Enterprises may have chosen to opt out of the race for Virgin Australia, just after the first round.

Sources close to the development told Moneycontrol  that the parent company of IndiGo declined to submit an indicative enterprise value for Virgin Australia, as was required by Deloitte, the administrator of the bidding process.

This was in addition to the Express of Interest that InterGlobe had already submitted last week.

InterGlobe instead argued that it was unable to submit a non-binding bid, as the due diligence done till now was limited and it needed more data and information.

Deloitte has instead shortlisted BGH Capital, Bain Capital, Indigo Partners and Cyrus Capital Partner. These suitors are said to have also submitted an enterprise value for Virgin Australia.

Shortlisted bidders are expected to put in bids by June 12.

Virgin Australia, co-founded by British businessman Richard Branson, had filed for bankruptcy in April, after its request to the Australian government for a financial aid, was turned down. The disruption caused by COVID-19 had accentuated its already frail financial condition, including a debt of $4.2 billion.