Ajay Singh's consortium, including SpiceJet's managing director and Busy Bee Airways, has upped their offer for the bankrupt Indian airline Go First by an additional ₹100-150 crore, reported Mint.
The consortium's initial bid, which amounted to ₹16 billion, has now been raised by approximately ₹1 billion to ₹1.5 billion, sources close to the matter told Mint.
Go First, which entered bankruptcy proceedings in May last year, attracted two financial bids during the process. Apart from Ajay Singh's consortium, the Sharjah-based Sky One Airways submitted another offer, as per Reuters report.
However, both bids fell short of the expectations of the Committee of Creditors (CoC), necessitating a request for upward revisions.
The CoC is now engaged in discussions with Sky One Airways, with the expectation of deliberating on Ajay Singh and Busy Bee's joint bid in the upcoming CoC meeting scheduled for early next week. Lenders are anticipated to provide their response to the bidders by March 28, according to sources familiar with the matter.
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