Nusli Wadia-owned Go First will receive Rs 600 crore more as promoter equity and bank debt by April end. This will help it meet immediate capital requirements, a top official of the airline said. The Wadia family and banks would provide Rs 300 crore each.
The Indian aviation sector, which was hit hard by the outbreak of the Covid-19 pandemic and Russia-Ukraine war, has seen a rebound since last October, with domestic traffic crossing 450,000 almost daily.
At present, 23 aircraft out of the airline’s fleet of 57 are grounded because of troubles with engines, supplied by American engine maker Pratt and Whitney. The airline is working on a war footing to bring all the aircraft back into service, the official said.
