Skyways Air Services to divest 40% stake in subsidiary 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, to its Core Operating Team for a consideration of ₹92.12 Lakhs. Following this transaction, Avito Global Freight will remain a subsidiary with Skyways retaining 60% ownership. The company and the Core Operating Team will also invest up to ₹2 Crore in Avito Global Freight. Additionally, the Board approved the incorporation of a wholly-owned subsidiary of Avito Global Freight in Abu Dhabi to expand international operations and approved a corporate guarantee of up to VND 30,000,000,000 (approx. ₹11 Crore) for a subsidiary in Vietnam.