Jindal Power withdraws bid, pushing Go First closer to liquidation
POWER & RENEWABLE ENERGY

Jindal Power withdraws bid, pushing Go First closer to liquidation

Jindal Power, the sole company whose expression of interest in acquiring Go First was accepted by creditors, has opted not to proceed with a bid, according to three individuals familiar with the matter. This decision brings the financially troubled airline closer to the prospect of liquidation.

Sources informed Reuters that Jindal decided against submitting a bid after a thorough evaluation of Go First's financial statements. Although the deadline for takeover bids could be extended through a court application, current indications suggest that creditors are not inclined to pursue such an extension, as mentioned by two banking sources.

One source explained, "The Expression of Interest was primarily aimed at assessing the airline's valuation and gaining access to the company's data. Following the evaluation, the company has chosen not to proceed with a bid." The sources, who preferred to remain anonymous as they lacked authorisation to speak to the media, revealed this information.

As of the time of reporting, Jindal Power and Go First's resolution professional had not responded to email inquiries seeking comments.

Go First filed for voluntary insolvency in May and currently owes a total of 65.21 billion rupees ($785.6 million) to its creditors. Some bankers had pinned their hopes on Jindal's interest, but it seems that these hopes have not materialised, according to a banker from a lender with exposure to Go First.

The Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank are among the major creditors of the airline. A meeting is scheduled for Wednesday to determine the next steps, according to another banker, who also spoke on condition of anonymity.

Both bankers conveyed that the liquidation of the airline appears to be the most likely outcome due to the absence of serious bidders. Meanwhile, banks are assessing a property held as collateral with lenders in the event of liquidation.

Go First is currently entangled in a legal dispute with its lessors, who were barred from repossessing planes due to a moratorium imposed by Indian courts. Although a recent amendment to India's insolvency rules permits lessors to reclaim planes, a court has yet to decide whether this change can be retroactively applied to Go First.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

Jindal Power, the sole company whose expression of interest in acquiring Go First was accepted by creditors, has opted not to proceed with a bid, according to three individuals familiar with the matter. This decision brings the financially troubled airline closer to the prospect of liquidation. Sources informed Reuters that Jindal decided against submitting a bid after a thorough evaluation of Go First's financial statements. Although the deadline for takeover bids could be extended through a court application, current indications suggest that creditors are not inclined to pursue such an extension, as mentioned by two banking sources. One source explained, The Expression of Interest was primarily aimed at assessing the airline's valuation and gaining access to the company's data. Following the evaluation, the company has chosen not to proceed with a bid. The sources, who preferred to remain anonymous as they lacked authorisation to speak to the media, revealed this information. As of the time of reporting, Jindal Power and Go First's resolution professional had not responded to email inquiries seeking comments. Go First filed for voluntary insolvency in May and currently owes a total of 65.21 billion rupees ($785.6 million) to its creditors. Some bankers had pinned their hopes on Jindal's interest, but it seems that these hopes have not materialised, according to a banker from a lender with exposure to Go First. The Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank are among the major creditors of the airline. A meeting is scheduled for Wednesday to determine the next steps, according to another banker, who also spoke on condition of anonymity. Both bankers conveyed that the liquidation of the airline appears to be the most likely outcome due to the absence of serious bidders. Meanwhile, banks are assessing a property held as collateral with lenders in the event of liquidation. Go First is currently entangled in a legal dispute with its lessors, who were barred from repossessing planes due to a moratorium imposed by Indian courts. Although a recent amendment to India's insolvency rules permits lessors to reclaim planes, a court has yet to decide whether this change can be retroactively applied to Go First.

Next Story
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?