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regular-article-logo Saturday, 22 June 2024

Spicejet promoter Ajay Singh, Busy Bee Airways raise bid for Go First

Singh and Busy Bee have increased their bid amount between Rs 100 crore and Rs 150 crore following a nudge by Go First lenders. Their earlier bid stood at Rs 1,600 crore. The lenders are expected to revert back to the bidders by the end of this month

Our Special Correspondent Mumbai Published 20.03.24, 10:29 AM
Representational image

Representational image File picture

Ajay Singh, the SpiceJet promoter who along with Busy Bee Airways Pvt Ltd is in the race to acquire Go First, have reportedly upped their bid for the bankrupt carrier.

In February, the Singh-Busy Bee consortium had submitted a bid for Go First which stopped flying in May 2023.

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SpiceJet had then said that the bid was submitted by Singh in his personal capacity.

Nishant Pitti who is the majority shareholder of online travel platform EaseMyTrip is the majority shareholder of Busy Bee.

SpiceJet had disclosed that its role as the operating partner for the new airline involves providing essential staff, services and industry expertise.

According to the budget carrier, the collaboration will generate synergies between the two carriers, leading to improved cost management, revenue growth and a strengthened market position within the Indian aviation industry.

Apart from the Singh-Busy Bee consortium, Sharjah-based Sky One had also submitted its bid for the Wadias promoted airline.

A Reuters report on Tuesday said that Singh and Busy Bee have increased their bid amount between Rs 100 crore and Rs 150 crore following a nudge by Go First lenders. Their earlier bid stood at Rs 1,600 crore. The lenders are expected to revert back to the bidders by the end of this month.

As per the bankruptcy filing of Go First, it owes Rs 6,521 crore to creditors such as Central Bank of India, BoB, IDBI Bank and Deutsche Bank.

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