Bids from Ajay Singh, Sky One give new hope to Go First

Bankrupt airline Go First has received a fresh lease of life after receiving two bids on Friday for revival of its operations.

- Anu Sharma

The carrier, which has been grounded since May 2023, has been undergoing an insolvency process since then.

The first bid has been submitted by SpiceJet chairman and managing director Ajay Singh jointly with Busy Bee Aviation Private Limited. Two people aware of the development said Nishant Pitti, co-founder of online travel platform EaseMyTrip, has a 51% stake in Busy Bee Aviation Limited while the remaining 49% stake is held by local investors.

The people further added that the company sees potential in the land assets of Go First, which are estimated to be worth around ₹10,000 crore and the expected compensation from engine manufacturer Pratt & Whitney for engine grounding will also be key in the revival plans. "SpiceJet will help in the operations while Busy Bee will focus on funding requirements," one of the two people cited above added.

The second bid has been submitted by Sharjah-based aviation company Sky One, which specializes in a wide array of aviation services such as Cargo Charters, Asset Trading, Pilot Training, Maintenance, Repair, and Overhaul (MRO) among others.