Wadia Group likely to sale majority stake or make a complete exit from Go First: Report

As per fresh reports, Indian conglomerate Wadia Group is in talks with strategic partners to either sell its majority stake in loss-bearing airline Go First or completely exit it.

Notably, Go First released its biggest annual loss in fiscal 2022 and has bee facing operation problems in the last few months after half-of-its aircraft were grounded due to supply chain disruptions related to Pratt & Whitney (P&W) jet engines.

As reported by Economic Times citing sources, the Wadia group, which has already invested around 30 billion rupees in the last 15 months, is hesitant to invest more until the issue with P&W resolved.

ET has further claimed that Go First and Wadia Group had filed for an initial public offerings in May 2021, but coronavirus outbreaks and the P&W engine issues spoiled their plan.

ALSO READ || DGCA issues show cause notice to Go First, airline leaves 55 passengers behind at Bengaluru airport

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in Top Stories