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

12 Oct 2023 CW Team

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.

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