Wadia Group seeks partners to bid for Go First: Report

Wadia group seeking for partners to bid for Go First: Report

Wadia Group, in a bid to take back the reins of Go First, is looking for partners in order to bid for the beleaguered airlines even as it struggles to get back to the skies.

A joint bid for the airline is being discussed by the group with financial investors such as private equity funds and alternative investment funds, a report in The Economic Times stated. A final decision will depend on whether the grounded carrier can be considered airworthy again, the report added.

Moneycontrol could not independently verify the development.

Go First's resolution professional has invited investors to express interest in the company. As of August 9, a company or consortium can submit an expression of interest for the airline, as per the report.

According to experts quoted in the report, the former promoters are eligible to bid for the airline since they haven't defaulted on their loans. Through various entities owned by Nusli Wadia and his family, the group owned 100% of Go First, the report added.

The process of inviting an Expression of Interest (EoI) signifies the formal commencement of seeking buyers or investors for a potential investment, in line with procedural requirements under Indian law.

Go Airlines, which operated the Go First carrier, did not immediately respond to a Reuters request for comment.

Go Airlines filed for bankruptcy protection in May blaming "faulty" Pratt & Whitney engines for the grounding of about half its 54 Airbus A320neos.

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