Updated February 24th, 2024 at 11:23 IST

Go First receives two financial bids: Bankers

The evaluation process for the bids is anticipated to conclude next month, as mentioned by another banker associated with a state-run bank.

Reported by: Business Desk
Go First | Image:Go First
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Go First bidding: Go First, amid its bankruptcy proceedings, has received two financial bids, according to two bankers present at a creditors' meeting held recently. 

SpiceJet's Managing Director, Ajay Singh, along with Busy Bee Airways, jointly proposed a bid of Rs 1,600 crore to acquire the airline, with plans to infuse additional funds to revive its operations, as disclosed by a banker from a state-run bank involved with Go First.

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The bankers, preferring anonymity due to lack of authorisation to speak to the media, mentioned that Go First's resolution professional, Ajay Singh, and SpiceJet did not respond to email inquiries seeking comment. 

Nishant Pitti, the majority shareholder of Busy Bee Airways, stressed the confidentiality of their bid, which is safeguarded by the Committee of Creditors until a successful bidder is announced.

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Additionally, Go First received a financial bid from Sharjah-based Sky One Airways, albeit lower than the competing bid, as noted by one of the bankers who declined to disclose the exact amount. 

Sky One Airways did not offer immediate comments upon request.

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The evaluation process for the bids is anticipated to conclude next month, as mentioned by another banker associated with a state-run bank. 

Go First filed for bankruptcy in May of the previous year, with its filing listing Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank among the creditors, to whom the airline owes a total of Rs 6,521 crore.

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(With Reuters Inputs)

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Published February 24th, 2024 at 11:16 IST