Wadia Group in talks to sell stake or exit Go First

Indian conglomerate Wadia Group is in talks with strategic partners to either sell a majority stake in loss-making budget airline Go First or completely exit it, the Economics Times reported on Monday, citing sources close to the development.

Go First posted its biggest annual loss in fiscal 2022 and has been facing operational problems in the last few months as half of its aircraft were grounded due to supply chain disruptions related to Pratt & Whitney (P&W) jet engines, the report said.

The Wadia group, which runs companies including textiles maker Bombay Dying & Manufacturing Co Ltd, is reluctant to invest more until the issue with P&W is resolved, after infusing around Rs 3,000 crore ($366.2 million)