Skyways Air Services Divests 40% Stake in Avito Global Freight for ₹92.12 Lakhs

Skyways Air Services Limited's Board of Directors has approved the disinvestment of 40% of its shareholding in its wholly owned subsidiary, Avito Global Freight Private Limited, for a consideration of ₹92.12 Lakhs (₹0.92 Crore). This strategic move aims to transfer ownership to the core operating team, with Skyways retaining a 60% stake, thus Avito will remain a subsidiary. Additionally, Skyways and the Avito operating team will jointly invest up to ₹2 Crore in Avito. The company also approved the incorporation of a step-down subsidiary in Abu Dhabi for international expansion and approved a corporate guarantee for its Vietnamese subsidiary. Avito Global Freight contributed 0.02% to turnover and 0.29% to net worth in the last financial year.