SpiceJet Chief Ajay Singh Gets Busy To Fly Bankrupt GoFirst Airline

Indian budget carrier SpiceJet Ltd.’s Chairman and Managing Director Ajay Singh and Busy Bee Airways Private Ltd. jointly submitted a bid to acquire bankrupt GoFirst airline.

The bid has been submitted by Singh, in his personal capacity, along with Busy Bee Airways, SpiceJet said in stock exchange announcement.

The bid, submitted on 16 February, marks a significant strategic move that has the potential to reshape the landscape of the Indian aviation sector and position SpiceJet for substantial growth in the industry, it added.

“I firmly believe that GoFirst holds immense potential and can be revitalized to work in close synergy with SpiceJet, benefiting both carrier,” Singh said. “I am happy to contribute to the efforts aimed at reviving this popular airline and leveraging its strengths for mutual growth and success.”

SpiceJet, which is currently in the midst of a revival plan, will act as an operating partner for the new airline, if the bid is successful, providing essential staff, services, and industry expertise, according to the statement.

The collaboration is likely to generate synergies between the two carriers, leading to improved cost management, revenue growth, and a strengthened market position within the Indian aviation industry, it said.

In May 2023, India’s National Company Law Tribunal allowed Go Airlines (India) Ltd.’s application for voluntary insolvency resolution. Go Airlines, which operated ultra-low-cost airline Go First, voluntarily sought the initiation of insolvency proceedings amid cash crunch.

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