The board's size will be expanded to 12 directors from the current six once the shareholders' approval is obtained at the upcoming AGM.
In the expanded board, IndiGo's other co-promoter Rahul Bhatia will have the right to nominate six directors while Gangwal will have the right to nominate two directors. Remaining four directors will be independent.
The two-day board meeting came against the backdrop of an ongoing spat between the two promoters over alleged corporate governance lapses.
Fuelled by higher passenger revenues, the airline's parent company InterGlobe Aviation Friday posted its highest-ever quarterly profit of Rs 1,203.14 crore for the three months ended June and asserted that co-promoters are on the same page on growth strategy.
The company told BSE on Saturday that as on June 30 this year, Bhatia's family and his company Interglobe Enterprises Limited owns 38.23 per cent of InterGlobe Aviation.
Gangwal and his family own 36.65 per cent of the InterGlobe Aviation as on June 30, IndiGo told BSE Saturday.