SpiceJet Expresses Intent to Acquire Go First Amidst Bankruptcy Proceedings

New Delhi: Low-cost carrier SpiceJet has set its sights on acquiring Go First, with plans to submit an offer after a thorough due diligence process.

Go First, grounded since May due to financial woes, is currently undergoing insolvency resolution.

In an official filing, SpiceJet stated its interest to the resolution professional of Go First, expressing the aim to present an offer post-diligence. The objective is to forge a robust and viable airline through a potential combination with SpiceJet. This development led to a more than 4% increase in SpiceJet’s shares, reaching Rs 66.83 each during morning trade on the BSE.

Facing financial challenges itself, the no-frills airline recently announced plans to raise approximately USD 270 million from diverse investors. The company’s board has approved and initiated the process to secure fresh capital, intending to fortify its financial position and allocate resources for future growth plans.