Naveen Jindal's firm eyes Go First amidst airline's insolvency crisis
AVIATION & AIRPORTS

Naveen Jindal's firm eyes Go First amidst airline's insolvency crisis

Naveen Jindal, the founder of Jindal Steel and Power, has reportedly expressed interest in acquiring the insolvent airline Go First, according to sources close to the matter. The bid was submitted by Jindal Power, an unlisted entity owned by Worldone Pvt Ltd, a company controlled by Naveen Jindal. It remains unclear whether the intention is a complete acquisition or a strategic investment.

Go First, owned by the Wadia family, is India's first commercial carrier to voluntarily seek bankruptcy protection. Two other bidders were in the running, but they failed to meet the creditors' eligibility criteria. Officials working on the matter emphasised the urgency of legal processes to ensure the airline's revival while adhering to the law.

Despite efforts to contact Jindal Power and Go First's resolution professional, there has been no response. Go First faces significant challenges, with over Rs 20,000 crore in claims from various creditors. Naveen Jindal, a former Congress parliamentarian from Haryana, has been diversifying his business portfolio in recent years. He has made notable acquisitions, including Oman-based Jindal Shadeed Iron and Steel, Jindal Power, and the Moatize coal mine in Mozambique from Brazilian miner Vale. Additionally, Jindal is exploring ventures in renewable energy and considering delisting Jindal Steel and Power, engaging with private credit funds and foreign banks for funding.

Go First is racing against time to resume operations, having twice extended bid deadlines due to lack of interest. The airline entered voluntary insolvency proceedings on May 2, attributing its financial woes to substantial revenue losses and faulty engines supplied by Pratt & Whitney, which grounded a significant portion of its fleet. The airline faces claims of $2.9 billion from operational and financial creditors, while lessors are seeking to repossess aircraft and engines through legal action.

Naveen Jindal, the founder of Jindal Steel and Power, has reportedly expressed interest in acquiring the insolvent airline Go First, according to sources close to the matter. The bid was submitted by Jindal Power, an unlisted entity owned by Worldone Pvt Ltd, a company controlled by Naveen Jindal. It remains unclear whether the intention is a complete acquisition or a strategic investment.Go First, owned by the Wadia family, is India's first commercial carrier to voluntarily seek bankruptcy protection. Two other bidders were in the running, but they failed to meet the creditors' eligibility criteria. Officials working on the matter emphasised the urgency of legal processes to ensure the airline's revival while adhering to the law.Despite efforts to contact Jindal Power and Go First's resolution professional, there has been no response. Go First faces significant challenges, with over Rs 20,000 crore in claims from various creditors. Naveen Jindal, a former Congress parliamentarian from Haryana, has been diversifying his business portfolio in recent years. He has made notable acquisitions, including Oman-based Jindal Shadeed Iron and Steel, Jindal Power, and the Moatize coal mine in Mozambique from Brazilian miner Vale. Additionally, Jindal is exploring ventures in renewable energy and considering delisting Jindal Steel and Power, engaging with private credit funds and foreign banks for funding.Go First is racing against time to resume operations, having twice extended bid deadlines due to lack of interest. The airline entered voluntary insolvency proceedings on May 2, attributing its financial woes to substantial revenue losses and faulty engines supplied by Pratt & Whitney, which grounded a significant portion of its fleet. The airline faces claims of $2.9 billion from operational and financial creditors, while lessors are seeking to repossess aircraft and engines through legal action.

Next Story
Technology

Building Faster, Smarter, and Greener!

Backed by ULCCS’s century-old legacy, U-Sphere combines technology, modular design and sustainable practices to deliver faster and more efficient projects. In an interaction with CW, Rohit Prabhakar, Director - Business Development, shares how the company’s integrated model of ‘Speed-Build’, ‘Smart-Build’ and ‘Sustain-Build’ is redefining construction efficiency, quality and environmental responsibility in India.U-Sphere positions itself at the intersection of speed, sustainability and smart design. How does this translate into measurable efficiency on the ground?At U..

Next Story
Infrastructure Transport

Smart Roads, Smarter India

India’s infrastructure boom is not only about laying more kilometres of highways – it’s about building them smarter, safer and more sustainably. From drones mapping fragile Himalayan slopes to 3D machine-controlled graders reducing human error, technology is steadily reshaping the way projects are planned and executed. Yet, the journey towards digitisation remains complex, demanding not just capital but also coordination, training and vision.Until recently, engineers largely depended on Survey of India toposheets and traditional survey methods like total stations or DGPS to prepare detai..

Next Story
Real Estate

What Does DCPR 2034 Mean?

The Maharashtra government has eased approval norms for high-rise buildings under DCPR 2034, enabling the municipal commissioner to sanction projects up to 180 m on large plots. This change is expected to streamline approvals, reduce procedural delays and accelerate redevelopment, drawing reactions from developers, planners and industry experts about its implications for Mumbai’s vertical growth.Under the revised DCPR 2034 rules, buildings on plots of 2,000 sq m or more can now be approved up to 180 m by the municipal commissioner, provided structural and geotechnical reports are certified b..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?