Press Note :
Sky One Chairman Jaideep Mirchandani confirmed the bid submission for GoFirst airline. “We had sent their EoI (expression of interest) and have now submitted the bid for Go First and look forward to the next stage. Given our vast aviation experience across the globe, we are confident about the acquisition.” The bids are submitted to RP for consideration by the Committee of Creditors, this stage qualifies the bidders that hope to turn the airline’s financial woes around if the bid turns successful.
Mr. Mirchandani added that Indian aviation is at the cusp of unprecedented growth and Sky One was glad to play a part in it. “The prospects of growth in India are a big reason for exploring the acquisition. GoFirst comes with coveted slots at domestic and international airports, international traffic rights and a substantial user base, which makes it a reliable bet for us.”
The National Company Law Tribunal (NCLT) has recently granted a 60-day extension to GoFirst’s moratorium, allowing the airline more time to conclude its corporate insolvency resolution process (CIRP) allowing potential investors to submit their proposals for the carrier’s revival. The resolution professional (RP) managing GoFirst’s case, also reported to the court that the airline has attracted interest from three prospective purchasers, each of whom has already submitted funds.
In 2023, Go First encountered difficulties regarding the availability of Pratt & Whitney engines utilized across its entire A320 aircraft fleet, asserting that this issue was significantly affecting its operations. Consequently, on May 3, 2023, the airline suspended its operations and submitted a voluntary insolvency application to the National Company Law Tribunal.
Sky One was among the bidders in the race to buy the government’s stake in helicopter services company Pawan Hans last year and has been making strategic acquisitions across the globe in the aviation sector as well as pilot training.
About Sky One: Sky One is headquartered in Sharjah, United Arab Emirates, and specializes in a wide array of aviation services. From Cargo Charters to Asset Trading, from Training to Maintenance, Repair, and Overhaul (MRO), Airlines and from advisory to capacity optimization, Sky One’s portfolio is expansive. It offers a range of services including charters, crew training, operations, and maintenance. Its services and solutions are carefully designed to cater to the diverse needs of the aviation industry This versatility sets the company apart as a one-stop solution for aviation companies across the globe.
