Jindal Power Ltd not to bid for Go First

Mumbai, November 21

Jindal Power Ltd, the only company whose expression of interest to take over Go First was accepted by creditors, has decided to not follow through with a bid, three people familiar with the plans said, pushing the insolvent airline closer to liquidation.

The deadline to submit takeover bids ended today, and the sources said Jindal had decided against bidding after evaluating the airline’s financial statements.

While the deadline can be extended via an application to the courts, creditors are currently not inclined to do so, two banking sources said.

“The EoI was largely to check the valuation of the airline and get access to the company’s data,” said one of the sources. “After evaluation, the company has decided not to put in a bid.” The sources declined to be identified as they were not authorised to speak. — Reuters

Closer to liquidation

• The insolvent airline is now closer to liquidation after Jindal Power decided not to proceed with its bid
• The deadline to submit takeover bids ended today
• Go First owes Rs 6,521 crore to its creditors