NEW DELHI: It could quickly be curtains for Wadia Group‘s low price GoAir, which had suspended operations this Could. Naveen Jindal’s Jindal Energy – which gave the one eligible expression of curiosity for reviving the airline below chapter course of – isn’t going to submit its bid, say sources.
The airline’s lenders are assembly on Wednesday to resolve the longer term plan of action.Liquidation of property to get better some dues appears to be on the playing cards as possibilities of extending the date for getting a bid this time or going for a second spherical of inviting EoIs are negligible, given the tepid curiosity within the airline.
“We evaluated the airline’s financials and have determined to not go forward with the bid,” sources say. Jindal Energy didn’t remark. GoFirst administration and its EY-backed decision skilled Shailendra Ajmera didn’t remark both.
TOI had on October 12 reported that Jindal Energy is “not very critical” in regards to the GoAir EoI and that the identical was submitted to primarily estimate the valuation of the airline. The Naveen Jindal firm is increasing its thermal and renewable power enterprise.
GoAir had began flying in November 2005, virtually 10 months earlier than IndiGo, but it surely grew very slowly. By the point it shut down this summer season – with the set off being Pratt & Whitney’s snag-prone engines that had grounded half of the airline’s fleet – it had 56 leased planes.
The airline’s lenders are assembly on Wednesday to resolve the longer term plan of action.Liquidation of property to get better some dues appears to be on the playing cards as possibilities of extending the date for getting a bid this time or going for a second spherical of inviting EoIs are negligible, given the tepid curiosity within the airline.
“We evaluated the airline’s financials and have determined to not go forward with the bid,” sources say. Jindal Energy didn’t remark. GoFirst administration and its EY-backed decision skilled Shailendra Ajmera didn’t remark both.
TOI had on October 12 reported that Jindal Energy is “not very critical” in regards to the GoAir EoI and that the identical was submitted to primarily estimate the valuation of the airline. The Naveen Jindal firm is increasing its thermal and renewable power enterprise.
GoAir had began flying in November 2005, virtually 10 months earlier than IndiGo, but it surely grew very slowly. By the point it shut down this summer season – with the set off being Pratt & Whitney’s snag-prone engines that had grounded half of the airline’s fleet – it had 56 leased planes.
