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SpiceJet's Ajay Singh submits bid for GoFirst

By Reuters

  • 16 Feb 2024
SpiceJet's Ajay Singh submits bid for GoFirst
Ajay Singh, managing director, SpiceJet | Credit: Reuters

Indian budget carrier SpiceJet Managing Director Ajay Singh, in his personal capacity, and Busy Bee Airways have jointly submitted a bid for bankrupt Go First airline, SpiceJet said on Friday.

Lenders to Go First, which filed for bankruptcy last May, had set Jan. 31 as the deadline for bids to acquire the airline, banking sources had told Reuters last month.

The beleaguered airline has received expressions of interest from Singh, UAE-based Sky One and Busy Bee, Reuters reported.

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SpiceJet, which had also previously shown interest in buying Go First, did not disclose any financial details for Singh's bid.

However, the carrier said it would serve as the operating partner for the new airline and provide staff and services.

Its shares jumped as much as 13.4%.

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Go First, which filed for bankruptcy in May last year, owes a total of 65.21 billion rupees to its creditors, which include Central Bank of India, Bank of Baroda, IDBI Bank and Deutsche Bank.

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