Go First expects INR 210cr under ECLGS
Go First, owned by the Wadia group, is hoping to get INR 210 crore under the government’s credit line guarantee scheme next month. The Centre had in October 2022 modified Emergency Credit Line Guarantee Scheme (ECLGS) to enhance the maximum loan amount eligibility for airlines under ECLGS 3.0 scheme.
The airline, after receiving INR 210 crore from the promoters last month, is expecting to increase its fleet of operational aircraft to 53 by the start of April this year. The airline currently has 37 aircraft in operation and is looking to boost its financial position and expand operations.
With promoters’ infusing INR 210 crore, the airline will be able to get an equal amount under the ECLGS next month, CEO Kaushik Khona told PTI. So far, the low-budget carrier has received as much as INR 600 crore under the ECLGS, which has come as a relief for many pandemic-hit sectors.