On Friday, SpiceJet promoter Ajay Singh, in collaboration with Busy Bee Airways Pvt Ltd, has submitted a bid to acquire the troubled Go First carrier, the airline announced. Describing the bid as a significant strategic move with the potential to reshape the landscape of the Indian aviation sector, SpiceJet expressed confidence in the bid's potential.
The airline clarified that Singh submitted the bid in his personal capacity. According to the terms of the offer, SpiceJet will act as the operational partner for the new airline, providing staff, services, and industry expertise. Leveraging established infrastructure and operational capabilities, the airline aims to achieve significant revenue expansion.
In his statement, Ajay Singh said Go First has immense potential and can be revitalised to work in close synergy with SpiceJet, benefitting both carriers, and that by strategically aligning flight schedules and destinations, SpiceJet and the new airline can capture a larger market share.
Formerly India's second-largest airline, SpiceJet has raised Rs 744 crore as part of a refinancing strategy, intending to inject Rs 2,250 crore in fresh capital.
Go First initiated bankruptcy protection proceedings in May last year. Creditors, including Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, have been exploring options, including liquidation, after struggling to attract new investors.