Dubai-based carrier FlyDubai is exploring the possibility of starting a domestic airline in India through a collaboration with Busy Bee Airways, which is in discussions with lenders to acquire the bankrupt Indian airline Go First.
According to sources close to the negotiations, Busy Bee has approached Go First's Committee of Creditors (CoC) to acquire its trademarks, flying licence, and airport slots.
Busy Bee, which first placed a bid to acquire Go First in March 2024, has once again expressed an interest in reviving the Go First brand while steering clear of the airline’s tangible assets, such as its massive land parcel in Thane, near Mumbai.
Busy Bee is particularly keen on securing bilateral and domestic flying rights, trademarks, and online properties, such as the website, 'www.gofirst.co.in'.
A senior banker involved in the discussions told Moneycontrol: "The bidder is primarily focused on acquiring the brand associated with Go First rather than its assets."
Who owns BusyBee, FlyDubai?
A senior executive involved with the talks revealed that FlyDubai, a subsidiary of Dubai Aviation Corporation, is one of the many airlines in discussions with Busy Bee to jointly operate the new domestic airline in India under the Go First brand.
Busy Bee was originally incorporated by Pran Sathiadasan, Director of Commercial Operations for Southeast Asia at FlyDubai, in April 2017, according to documents available with the Ministry of Corporate Affairs. FlyDubai is owned by the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai.
What do FDI rules say?
Under the present Foreign Direct Investment (FDI) policy, 100 percent FDI is allowed in Scheduled Air Transport Services and Domestic Scheduled Passenger Airlines, with up to 49 percent permitted through the automatic route. Investments beyond 49 percent require government approval.
However, for Non-Resident Indians (NRIs), 100 percent FDI is permitted under the automatic route in these sectors.
"It is crucial for India’s aviation sector to revitalise legacy airline brands. A partnership with FlyDubai would not only offer a competitive edge but also provide Indian travellers with more choices and better connectivity," the executive added.
BusyBee's offer
Discussions are still in their preliminary stages, but sources indicate that Busy Bee has proposed a deal worth around Rs 1,000 crore for the trademarks and licences of Go First. The airline’s future remains uncertain as Go First has been grounded for nearly two years after filing for bankruptcy in May 2023.
In a significant move, the National Company Law Tribunal (NCLT) ordered Go First’s liquidation in January 2025, citing the airline’s failure to resume operations. Subsequently, the CoC moved forward with plans to liquidate Go First, which has since been without any aircraft in its fleet.
However, Busy Bee has sought approval from the National Company Law Appellate Tribunal (NCLAT) to bid for Go First, with a written proposal submitted to the creditors.
EaseMyTrip's interest, BusyBee strategy
Busy Bee’s bid follows a similar push by Nishant Pitti, former CEO of travel-booking platform EaseMyTrip, who had expressed interest in supporting the revival of Go First. In 2024, Pitti submitted a joint bid of Rs 1,600 crore, later increasing it to Rs 1,800 crore to secure Go First's intellectual properties. NCLAT is expected to hear Busy Bee’s case on February 19.
Pitti has recently stepped down as CEO of EaseMyTrip and reduced his stake in the company. His brother, Rikant Pittie, was appointed CEO following this.
Busy Bee's strategy involves engaging with both domestic and international players to strengthen the airline’s position in the Indian market, sources said. Notably, the partnership with FlyDubai could position the new airline to capture a significant share of India's growing air travel demand, they added.
"India has always been a very important market for flydubai. We continuously look for opportunities to grow our network organically in India. We are not currently in any discussions for ventures with other airlines. If this changes in the future, an official announcement will be made," Flydubai said in response to queries sent by Moneycontrol.
Nishant Pitti, and EaseMyTrip couldn't be contacted till the time of publishing.
However, industry experts feel that the potential collaboration marks a new chapter in India's competitive aviation sector, as multiple stakeholders come together to breathe life into an established yet defunct brand.
Last year, Pitti had told Moneycontrol in an exclusive interview that bidding for Go First was a “strategic move”.
"Air travel is increasing significantly, and there is a demand-supply gap that could intensify in the future. At this stage, the airport infrastructure needs support to improve so that we can cater to the rising demand,” he said.
"Seeing an Indian airline on the verge of bankruptcy that needed support, I wanted to step in and
reviving the company in my capacity; hence, I placed a bid," Pitti had told Moneycontrol.
In May 2024, the Indian civil aviation regulator, Directorate General of Civil Aviation (DGCA), was planning to permanently take away the domestic airport slots and international flying rights of the troubled Go First, signalling that the airline may not be able to take off again.
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