Indian low-cost airline, Go First, has been granted interim funding of INR 450 crore ($62 million) by a consortium of banks, paving the way for the grounded carrier to resume operations. The funding still requires board approval by the banks involved, which include Central Bank of India, Bank of Baroda, and IDBI Bank. Go First is awaiting approval from the Directorate General of Civil Aviation (DGCA) and for engines of its grounded fleet to be serviced by Pratt & Whitney. The airline may only require INR 200-250 crore to initially resume operations. The carrier filed for insolvency on May 2 after shipping COVID-19 impacted demand.
Go First secures INR 450 crore funding for growth and expansion plans
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