Budget carrier SpiceJet's MD Ajay Singh submits bid for Go First
Upstox
1 min read • Updated: February 16, 2024, 4:38 PM
Summary
Budget carrier SpiceJet’s Managing Director Ajay Singh and Busy Bee Airways jointly submitted a bid to buy grounded carrier Go First on Friday.
- SPICEJET--
In an exchange filing, the Ajay Singh led SpiceJet said, company's MD Mr. Ajay Singh & Busy Bee airways private ltd submitted bid for GoFirst. In addition, the company will be providing industry expertise, essential staff, and services as a operational partner . As Spicejet is in the midst of a revival plan and having successfully infused ₹744 crores till now, this marks as a strategic move and has potential to change the landscape of aviation sector in India.
The company sees this as a significant development in positioning itself in the India aviation industry. Go First Airlines was grounded in October 2023 after filing for insolvency. After being grounded, the Go First had started looking for investors.
The development comes in an interesting era where India’s domestic air traffic has hit a new high of 15.2 crore passengers surpassing the pre-pandemic high of 14.4 crore. Spicejet is India’s second largest airline company with a market share of 10.5% as of November 2023 and has carried 12.7 million passengers in FY23.
SpiceJet shares closed over 11.28% up after the news about Ajay’s bid to buy Go First.