Wadia group, which owns the loss-making budget carrier Go First, has begun talks with strategic partners to either sell a significant stake in or completely exit the airline, top officials close to the development.
For several months, the airline has lost significant business in an otherwise upbeat domestic aviation market. Go First initially availed ₹600 crore of loans under the government’s Emergency Credit Line Guarantee Scheme (ECLGS) for its operations amid rising air travel demand. Separately, the Wadia group infused around ₹3,000 crore in the past 15 months, but is now reportedly unwilling to invest more until the P&W issue is sorted out”It is a difficult situation that is being tackled. We are burning money with our aircraft on the ground.
We have spent ₹3,000 crore in the last 15 months to keep the airline afloat,” said an official aware of discussions between the promoters and potential strategic partners. “All options are being considered, and multiple scenarios have been planned. The last option, unfortunately, will be to exit the airline business.”
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