TBM Staff - Mumbai
Following the deregistration of 54 aircraft of Go First by the Director General of Civil Aviation (DGCA), Nishant Pitti, the co-founder & CEO, EaseMyTrip, announced his withdrawal from the bid for the beleaguered airline on May 25. Pitti, a key bidder for Go First, cited the need to refocus on strategic priorities and initiatives aligned with the long-term vision and growth objectives of EaseMyTrip as the reason for his decision.
Pitti, who was leading a consortium with SpiceJet MD Ajay Singh to revive the defunct airline, had submitted a bid through Busy Bee Aviation Pvt Ltd (BBAPL). BBAPL is a joint venture between Pitti and Ajay Singh, with Singh holding a significant stake in SpiceJet. Pitti’s withdrawal coincided with EaseMyTrip reporting a net loss of INR 15 crore in the January-March 2024 quarter, attributed to write-offs related to Go First’s dues amounting to INR 74 crore.
With Pitti stepping back, the future of Ajay Singh’s pursuit of Go First and the fate of BBAPL are uncertain. However, a second bid by Sharjah-based Sky One remains in contention. Go First, previously owned by the Wadia group, is entangled in a legal dispute with P&W at the Singapore Court of Arbitration, seeking compensation of about INR 8,000 crore due to alleged engine failures that led to the airline’s grounding.
