Two Indian companies or say airline owners have submitted their Expression of Interest (EoIs) for GoFirst Airways. In this article, we will talk about both the companies involved.
2 EoIs for GoFirst
GoFirst unexpectedly suspended operations in the start of May month. Soon after this, insolvency proceedings started under which the airline is now arguing with lessors, who want their assets back.
Between this, Resolution Professional Shailendra Ajmera floated a Expression of Interest for a potential sale of GoFirst Airways. The deadline of EoI was extended several times as there were no takers of the airline but eventually, the deadline ended on 8th October.
Who expressed interest?
At first, reports said that a foreign airline has submitted EoI for GoFirst Airways. Later, it became clear that yes, 2 foreign airlines did submitted EoIs but were disqualified as they were not falling under the guidelines set by lenders of GoFirst.
Apart from these foreign airlines, 2 Indian companies submitted their proposal. One is Naveen Jindal backed Jindal Powers Limited. Jindal Powers Limited already owns an aviation company named FlySafe Aviation Limited. This aviation company rents out helicopters and business jets. It does not operate any commercial operations. Jindal Powers now has access to the virtual discussion room of the airline. After completing due diligence, they will decide whether to bid for the airline or not.
One more interesting turn comes from the second company, which submitted its proposal. JettWings Airways, a proposed startup airline expected to operate a fleet of Embraer jets, has submitted its proposal. The airline will be based out of Guwahati and as per the EoI, it has robust plans to expand its network. JettWings already runs a hospitality training business.
Few days ago, JettWings Airways received its No Objection Certificate (NOC) from Ministry of Civil Aviation. The airline plans to be up in the air by the end of this year. This Expression of Interest to buy a beleaguered airline puts this story on a whole different and interesting track.
What do you think about this story?
Featured Image : Courtesy GoFirst via Facebook
Source : JetArena