Jettwings Airways and Jindal Power have submitted their preliminary bids for Go First, which is currently undergoing an insolvency resolution process. Budget carrier Go First ceased its flight operations on May 3 and initiated a voluntary insolvency resolution process.
Jettwings Airways, headquartered in the Northeast, officially announced its Expression of Interest (EoI) for Go First in a statement released on Thursday. According to industry sources, Jindal Power has also expressed its interest through an EoI for Go First.
Who else is bidding?
The involvement of other entities in the bidding process for Go First has not been confirmed at this time.
NOC for Jettwings Airways
Jettwings Airways recently received a No Objection Certificate (NOC) from the Civil Aviation Ministry, allowing it to function as a scheduled commuter airline.
The airline stated that it has ambitious plans to establish connections between major destinations across the country, with its base located in Guwahati.
Jindal Power’s valuation consideration
Industry sources revealed that Jindal Power may proceed with a bid if they perceive the asset’s valuation to be relatively affordable. The company submitted an EoI to assess the asset’s value and review associated documents with a meticulous approach.
Go First’s Financial Performance
In the financial year 2021-22, Go First reported total revenue from operations amounting to Rs 4,183 crore.
(With PTI Inputs)