New Delhi: Wadia group, former promoters of cash-strapped airline Go First is looking for partners to bid on its airline. The group is holding conversations with private equity funds and alternative investment funds to bid togetherly.
The search for partners has come into the picture when the resolution professional of the airline invited Expressions of Interest (EOI) from investors. On Monday, the airline company put up advertisements in newspapers for the same.
As per the experts quoted in the report, the former promoters can participate in bidding for the airline as they don’t own any outstanding loans. “The Wadia Group owns 100% of Go First,” the report added.
The initiation of the Expression of Interest (EOI) process marks the formal beginning of the search for investors interested in a potential investment opportunity.
“There has always been intent and inclination from the Wadias to keep the airline afloat. They are not disqualified by law to bid for the airline because there has technically been no default,” Reuters quoted sources as saying.
When Go first announced its insolvency, the airline blamed it on engine maker Pratt and Whitney for providing it with faulty engines which the engine-making company denied and said that the claims are without merit.
(Written by – Mahek Nigam
Edited By – Prateek Gautam)
