Despite the increase in domestic air traffic, the market share of Go First, a low-cost airline belonging to the Wadia Group, fell in February, according to the latest available official data.
Indian conglomerate Wadia Group is in talks with strategic partners about a possible sale of a majority stake or outright spin-off of struggling low-cost airline Go First, sources familiar with the matter told The Economic Times.
Go First posted its biggest annual loss in fiscal 2022 and has faced operational problems in recent months after half of its planes were grounded due to supply chain disruptions involving Pratt and Whitney (PandW) jet engines.
Sources assist famous that the Wadia bunch, which runs companies counting materials creator Bombay Biting the dust and Fabricating Co Ltd, is hesitant to contribute more until the issue with PandW is settled, after imbuing around 30 billion rupees ($366.2 million) within the final 15 months to keep the carrier above water.
Meanwhile, Go To begin with and Wadia Bunch did not promptly react to Reuters’ demands for comment.
last couple daysVideos have emerged showing a group of people arguing angrily with airline employees at the airport. Due to the cancellation, more than 80 people are said to have been left waiting at the airport.
Despite a surge in residential discussion activity, the budget carrier Go, To begin with, claimed by Wadia Gather, experienced a decay in advertising share in February, as per the most recent accessible official data.
The carrier had already recorded for an introductory open advertising (IPO) in May 2021, but its plans were hampered by the effect of coronavirus episodes and issues related to PandW motors.
Go Airlines, which plans to file for an IPO before the first week of December, posted a net loss of Rs 923 crore for the six months that ended September, according to an addendum to its initial IPO document filed with the markets regulator