MUMBAI, October 11, 2023 – Indian airline Go First, currently undergoing insolvency proceedings, has garnered interest from Jindal Power Ltd. This intriguing development, shared by two banking sources and two insiders familiar with the matter, was revealed to Reuters.
Expressing interest is the initial phase in the competitive bidding process. It’s important to note that this doesn’t guarantee a financial bid at this stage.
A banker from a state-run bank, which holds exposure to Go First, disclosed, “Jindal Power emerged as the sole successful applicant, with their expression of interest gaining acceptance from the banks.”
According to the banker, who preferred to remain anonymous due to confidentiality concerns, the power generation company is poised to embark on comprehensive due diligence. Following this assessment, they may decide to submit a formal bid.
Requests for comments made to Go First’s resolution professional and Jindal Power went unanswered at the time of reporting.
About Go First:
Founded as GoAir, Go First was an ultra-low-cost airline headquartered in Mumbai, Maharashtra, India. The airline was under the ownership of the Wadia Group, a prominent Indian business conglomerate. As of October 2017, it held the fifth position among India’s airlines, boasting an 8.4% share of the passenger market.
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