Go First (G8, Mumbai International) is planning to soon apply for a further INR6 billion rupees (USD72.5 million) from the government-backed Emergency Credit Line Guarantee Scheme (ECLGS) to finance its operations, the PTI news agency has reported.

The carrier did not confirm its plans and did not comment on the reasons for the capital raise.

Go First has already obtained INR4 billion (USD48.3 million) in loans from the ECLGS scheme. The government has recently raised the total loan available to airlines to INR15 billion (USD181.2 million). The LCC said a possible request for the remaining INR500 million (USD6 million) was not off the table but would be subject to more stringent equity requirements and new funding from shareholders.

"Banks like the Central Bank, Bank of Baroda, and IDBI are our lenders. We will be approaching them first to avail these funds," a source said. While ECLGS is government-backed, funds are disbursed by commercial banks.

Go First, once known as GoAir, currently operates five A320-200s and fifty-four A320-200Ns. It has a further ninety A320-200Ns on firm order from Airbus.