Go First, formerly known as GoAir, is set to receive a major financial boost as the company looks to overcome operational challenges that have weighed heavily on its bottom line. According to sources on Monday, the airline is poised to receive Rs 600 crore in promoter equity and bank debt, with the funds expected to be disbursed by the end of April.
The capital infusion is being led by the Wadia Group, which will reportedly provide Rs 300 crore, along with a consortium of banks that have also committed to investing the same amount.
Go First is expected to use the funds to address supply chain disruptions that have grounded over 50 percent of its planes, leading to significant operational losses in the last fiscal year.
Go First’s financial struggles have been well documented, with the airline posting its highest operational loss in FY22. The company has been exploring various options to improve its fortunes, including expanding its operations and exploring new markets.
SOURCE – cnbctv18.com by Daanish Anand / click to read the news at the source
