Aviation veteran Rakesh Gangwal invests $108 million in Southwest Airlines, signaling confidence in the airline's growth potential and strategic expansion in the U.S. aviation market.

An aviation industry veteran, Gangwal joined Southwest in July this year amid Elliott Investment Management, one of the airline's largest shareholders, seeking sweeping changes at the carrier.

Southwest Airlines Co. shares are climbing after board member and billionaire co-founder of InterGlobe Aviation Ltd., Rakesh Gangwal, purchased about $107 million worth of the company’s stock, according to Securities and Exchange Commission filings on Thursday.

Rakesh Gangwal, co-founder of India’s leading airline IndiGo, invested over $100 million in Southwest Airlines, a US carrier in which he is currently a director. Gangwal made the investment to acquire 3.6 million shares in the Texas-based airline.

According to filings with the Securities and Exchange Commission, Gangwal bought the shares between September 30 and October 1, at prices ranging from $29 to $30 per share. This move aligns Gangwal's interests closely with those of Southwest's shareholders,

Rakesh Gangwal, IndiGo co-founder, has purchased 3.6 million shares of Southwest Airlines for USD 108 million, following a fallout with IndiGo co-founder Rahul Bhatia.

Southwest Airlines Co. shares rose more than 3 per cent after board member and billionaire co-founder of InterGlobe Aviation (IndiGo), Rakesh Gangwal, purchased around $108 million worth of the company’s shares.

Rakesh Gangwal, co-founder of IndiGo, purchased $100 million worth of Southwest shares, between $29 and $30 each, following a trading window opening.