Wadia Group, the current owner of India's LCC GoAir (Mumbai International), is reportedly looking to sell the airline to a new investor, the Financial Express has written.
The airline did not comment on the report.
According to the newspaper, Wadia Group has already contracted a bank in London to search for prospective investors.
Indian airlines have been suffering financially recently due to overcapacity, airport infrastructure constraints, rupee depreciation, and fuel price rises. The privately-held LCC has not disclosed its results for the Fiscal Year 2018 but is expected to have incurred a significant net loss.
The owners have already been reported to be trying to sell GoAir to Tata Sons prior to the establishment of AirAsia India (Bengaluru International) in 2014, and then again in 2017.
According to the ch-aviation fleets module, GoAir currently operates nineteen A320-200s and twenty-four A320neo on a predominantly domestic network out of Delhi International, Mumbai International, Kolkata, and Bengaluru International. Its only international destinations are Malé and Phuket, launched earlier this year. GoAir has a 6.8% market share in the Indian market by capacity, trailing behind its largest LCC rival IndiGo Airlines (6E, Delhi International) but ahead of AirAsia India.
