SpiceJet has expressed interest in acquiring Go First to enhance its financial position. The financial maneuvers undertaken by SpiceJet, following its May transition, involve accumulating $270 million from various investment sources. In pursuit of stabilizing its financial status, the company’s board authorized the acquisition of new capital. SpiceJet plans to utilize the fresh funds to make Go First a part of its portfolio.
Go First has faced challenges related to the Pratt & Whitney engines, prompting efforts to overcome issues related to engine performance. SpiceJet is actively engaged in addressing these concerns, aiming to transform Go First into a robust airline. Discussions have been initiated between the operational executive of Go First and SpiceJet to navigate through this transition.
Initially, the prominent contender for acquiring Go First was the Jindal Power group. However, various factors led to a change in direction, and the Jindal Power group eventually withdrew from the acquisition process. Other entities, such as SkyOne Aviation operating from Sharjah and South Africa-based Safire Investments, have also shown interest in acquiring Go First.
The interest in Go First’s acquisition is not solely driven by financial motives. The company has become a sought-after asset due to its strategic location and technical capabilities. Despite facing technical challenges leading to flight cancellations until February 2024, SpiceJet remains committed to transforming Go First into a leading airline. The company is navigating through various challenges and discussions with stakeholders to ensure a successful acquisition and subsequent operational enhancement.
