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
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?