Bombay Burmah Trading Corporation, owned by the Wadia Group, announced it has set aside INR 1,865.66 crore ($251m) to cover financial obligations related to Go First. The company has been investing in GoAir (now Go First) since 2005 and felt that the low-cost airline business showed potential for growth in India, especially given customers’ preference for saving time. The airline’s profitability was aligned with its competitors’ until the beginning of the pandemic; nonetheless, the situation worsened, compounded by substandard engines, demanding for huge compensation, among other difficulties, leading to the grounding of several aircraft. In the statement, BBTCL said that this impacted Go First’s financial position significantly, leading to the provision of funds to address the losses.
Bombay Burmah Owned by Wadia Group Makes Rs 1,866 crore Provision Against Go First Issue
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