The chairman and managing director of SpiceJet (SG, Delhi International) has confirmed lodging a bid to buy Go First (GOW, Mumbai International) in conjunction with Busy Bee Airways Private Limited (BBAPL). Sharjah-based Sky One has also submitted a bid to buy the insolvent LCC.
In a February 16 filing with the Bombay Stock Exchange, SpiceJet said Ajay Singh's deal with BBAPL is "a significant strategic move that has the potential to reshape the landscape of the Indian aviation sector and position SpiceJet for substantial growth in the industry." The filing added that Singh was bidding for Go First in a personal capacity.
Go First ceased operations in May 2023. Creditors have since lodged claims exceeding INR62 billion rupees (USD748 million). ch-aviation recently reported that the creditors had decided to make one more attempt to find a buyer after a previous sales campaign failed.
“I firmly believe that Go First holds immense potential and can be revitalised to work in close synergy with SpiceJet, benefiting both carriers," said Singh. "Apart from coveted slots at domestic and international airports, international traffic rights, and an order for over 100 Airbus aircraft, Go First is a trusted and valued brand among flyers."
The bourse filing added that SpiceJet will be the operating partner for the relaunched airline, providing staff, services, and industry expertise. Acquiring Go First offers significant opportunities for revenue expansion, improved resource allocation, and cost efficiencies across various functions, including maintenance, ground handling, and engineering, it elaborated.
Nishant Pitti, co-founder and CEO of travel portal EaseMyTrip, is the majority shareholder of Busy Bee Airways, who, like Singh, is acting in a personal capacity. Pitti said their joint bid was the interests of Go First's employees, creditors, and other stakeholders. Open source Indian company records reveal Delhi-based BBAPL is a registered private company with authorised and paid-up capital of INR100,000 (USD1,200).
Separately, Sky One Chairman Jaideep Mirchandani also confirmed lodging a bid to buy Go First. “The prospects of growth in India are a big reason for exploring the acquisition," he said in a statement. "Given our vast aviation experience across the globe, we are confident about the acquisition.”
Sky One provides various aviation-related services, including charter and MRO services, asset trading, advisory and capacity optimisation services. Mirchandani called Go First "a reliable bet for us.”
