SpiceJet's managing director, Ajay Singh, and Busy Bee Airways have jointly submitted their bid for GoFirst airline, SpiceJet said on Friday.

Weighed down by financial troubles, Go First ceased operations in May last year and is currently undergoing an insolvency resolution process.

How will the Go First deal affect SpiceJet?

SpiceJet will be an operational partner for the new airline. It will supply essential staff, services, and industry expertise.

Why is Ajay Singh placing his bet on Go First?

"Apart from coveted slots at domestic and international airports, international traffic rights, and an order for over 100 Airbus Neo planes, Go First is a trusted and valued brand among flyers. I am happy to contribute to the efforts aimed at reviving this popular airline and leveraging its strengths for mutual growth and success," he said in the release.

Having filed for bankruptcy in May last year, Go First is currently indebted to its creditors, including Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank, with a total owed amount of ₹6,521 crore.

SpiceJet shares jump

Source: India Today