Naveen Jindal looks to pilot Go First out of insolvency, company submits EoI

economictimes.indiatimes.com:

Naveen Jindal, the promoter of Jindal Steel and Power, is understood to have put in an expression of interest (EoI) to buy insolvent airline Go First, multiple highly placed sources close to the development told ET. The Wadia family-owned Go First is India's first commercial carrier to have voluntarily sought bankruptcy protection.

The EoI has been submitted by unlisted Jindal Power, which is owned by Worldone Pvt Ltd, a closely held company of Naveen Jindal.

Green foray
It is not clear whether the company is looking to acquire the airline outright or come in as a strategic investor, the sources cited above said.

There were two other bidders for the airline, officials said, but they did not meet the eligibility criteria set out by the creditors.

«The government, the legal ecosystem and regulators are moving as swiftly as possible on the legalities to save the airline,» said an official, requesting not to be named.

«Every stakeholder is keen that the airline flies again, but every move has to respect the law of the land.»

Jindal Power did not respond to ET's request for comment. Go First's resolution professional, Shailendra Ajmera, did not respond to ET's mailed query on the subject.

Go First has more than ₹20,000 crore in admitted claims from financial and operational creditors.

Jindal, a former Congress parliamentarian from Haryana, has been in recent years expanding his privately held empire and diversifying into new businesses. In the past three years, he has acquired Oman-based Jindal Shadeed Iron and Steel, and Jindal Power from the group's listed company, Jindal Steel and Power.

In 2021, he acquired the Moatize coal mine in Mozambique from Brazilian miner Vale. Apart from these, Jindal is also working on