Skip to content
Search

Latest Stories

SpiceJet’s Ajay Singh, Busy Bee Airways, Sky One bid for Go First

Go First stopped flying on May 3, 2023 and its plea for voluntary insolvency resolution proceedings was admitted by the National Company Law Tribunal (NCLT) on May 10 last year

SpiceJet’s Ajay Singh, Busy Bee Airways, Sky One bid for Go First

Ajay Singh, the head of SpiceJet, together with Busy Bee Airways and the Sharjah-based Sky One, have submitted bids for the bankrupt airline Go First, which ceased operations over nine months ago.

The announcement by Singh comes at a time when the crisis-hit SpiceJet is raising funds and rationalising costs, including by laying off more than 1,000 staff.


In a press release on Friday (16), SpiceJet said the bid for Go First has been submitted by Singh in his personal capacity, along with Busy Bee Airways Private Limited.

Travel portal EaseMyTrip's co-founder and CEO Nishant Pitti is a majority shareholder in Busy Bee Airways.

Pitti said holding the majority shares of Busy Bee Airways in his personal capacity, he is supporting the "joint bid to resurrect the airline in the interest of the employees and all its stakeholders."

Separately, Sky One FZE said it has also submitted a bid for Go First.

Go First stopped flying on May 3, 2023 and its plea for voluntary insolvency resolution proceedings was admitted by the National Company Law Tribunal (NCLT) on May 10 last year.

"SpiceJet's role as the operating partner for the new airline involves providing essential staff, services and industry expertise.

"This collaboration is anticipated to generate synergies between the two carriers, leading to improved cost management, revenue growth and a strengthened market position within the Indian aviation industry," the release said.

It did not mention any details about Busy Bee Airways. According to data available from the corporate affairs ministry, Busy Bee Airways was incorporated on April 19, 2017 in Delhi and has a paid-up capital of approximately £950 (Rs 1 lakh).

Meanwhile, Pitti also said, "EaseMyTrip, which has no relation to this bid, continues to power on with its own focused and well-articulated expansion strategy."

Singh, the chairman and managing director of SpiceJet, said he firmly believes that Go First holds immense potential and can be revitalised to work in close synergy with SpiceJet, benefitting both carriers.

"Apart from coveted slots at domestic and international airports, international traffic rights, and an order for over 100 Airbus Neo planes, Go First is a trusted and valued brand among flyers. I am happy to contribute to the efforts aimed at reviving this popular airline and leveraging its strengths for mutual growth and success," he said in the release.

For SpiceJet, serving as the service provider for Go First will provide significant opportunities for revenue expansion, the release said.

According to the release,  "Coordinated route-planning initiatives are poised to enhance passenger traffic and drive ticket sales for both airlines. By strategically aligning their flight schedules and destinations, SpiceJet and the new airline can capture a larger share of the market and cater to diverse passenger needs effectively.”

SpiceJet -- which has been facing multiple headwinds, including financial woes and legal battles -- is raising funds and has received an amount of £74.4 million (Rs 744 crore).

The company has also initiated the process to raise an additional £100 million approximately (Rs 1,000 crore) the release said.

Meanwhile, in a statement, Sky One's chairman Jaideep Mirchandani said it has submitted a bid for Go First and looks forward to the next stage, which is due diligence.

"Given our vast aviation experience across the globe, we are confident about the acquisition," he said.

Headquartered in Sharjah, Sky One specialises in various aviation services, including cargo charters.

Earlier, reports had said the African continent-focused firm, Safrik Investments, was also interested in buying Go First.

On February 13, the NCLT extended the deadline to complete the insolvency resolution process of Go First by another 60 days.

The airline shuttered operations due to financial woes caused by persisting issues with Pratt & Whitney engines that had resulted in the grounding of its aircraft.

(PTI)

More For You

british-muslims-iStock

The study noted that this identification was not due to any doctrinal obligation but was influenced by the perception that many Muslims do not feel fully accepted as British. (Representational image: iStock)

iStock

Majority of British Muslims identify by faith first, study finds

A STUDY by the Institute for the Impact of Faith in Life (IIFL) has found that most British Muslims identify primarily with their religion rather than their nationality.

The research, based on a survey of 815 British Muslim adults by Whitestone Insight, revealed that 71 per cent of respondents identified as Muslim first, while 27 per cent identified as British, English, or Scottish first.

Keep ReadingShow less
Car Tax Changes: EV Owners Now Required to Pay for the First Time

Owners of electric vehicles registered on or after 1 April 2025 will pay £10 for the first year, followed by the standard VED rate of £195 from the second year. (Representational image: iStock)

iStock

Car tax changes take effect: EV owners to pay for first time

FROM today, 1 April 2025, electric cars, vans, and motorcycles in the UK will be subject to Vehicle Excise Duty (VED) for the first time.

The change, introduced in the 2022 Autumn Statement by former Conservative Chancellor Jeremy Hunt, aims to make motoring taxation fairer.

Keep ReadingShow less
scotland-minimum-wages-iStock

Full-time workers on the National Living Wage will receive an annual pay increase of £1,400 in real terms. (Representational image: iStock)

iStock

Wage increase takes effect for thousands of workers in Scotland

HUNDREDS of thousands of workers in Scotland will see a pay increase as new National Living Wage and National Minimum Wage rates take effect from Tuesday.

The changes will benefit approximately 220,000 people, according to STV News.

Keep ReadingShow less
uk-energy-bill-iStock

Water bills, energy prices, and council tax are rising, while the minimum wage has also increased (Representational image: iStock)

iStock

April bill increases put financial strain on single parents

A RANGE of essential household bills are increasing from April, with Citizens Advice warning that single parents will be among the hardest hit.

Water bills, energy prices, and council tax are rising, while the minimum wage has also increased, BBC reported.

Keep ReadingShow less
Netflix drama Adolescence to be screened in UK schools
Stephen Graham and Owen Cooper in 'Adolescence'
Netflix

Netflix drama Adolescence to be screened in UK schools

THE NETFLIX drama Adolescence will be shown in UK secondary schools as part of efforts to address harmful online influences on young boys, officials announced on Monday.

The show has sparked debate over the impact of toxic and misogynistic content on the internet. Prime minister Keir Starmer met the show's creators, charities, and young people at Downing Street, calling the initiative an important step in starting discussions about the content teenagers are exposed to online.

Keep ReadingShow less