EaseMyTrip's Nishant Pitti on Saturday said his company Busy Bee will withdraw from its bid to acquire grounded airline GoAir after reporting a loss in the fourth quarter of fiscal 2024 due to write-offs of Go First’s dues.
Chief Executive Officer and Founder Pitti announced the move in a social media post, saying the withdrawal of interest will allow the company to concentrate on its core areas of strength.
"We have decided to withdraw from the GoAir bid to concentrate on our core areas of strength. Our focus remains on leveraging our expertise and resources to achieve sustainable growth and success," Pitti said on X, formerly Twitter.
SpiceJet Ltd. Chairman and Managing Director Ajay Singh and Busy Bee Airways Pvt. had earlier submitted a bid for the grounded airline. Pitti is a majority stakeholder in Busy Bee Airways.
EaseMyTrip on Friday reported a loss of Rs 15.07 crore for the March quarter on a consolidated basis, as against a profit of Rs 31.05 crore a year ago. The bottom-line was hit with a write-off of Rs 72 crore recoverable from Go Airlines (India) Ltd. as the company has assessed that the chances of recovery are remote in the pending dispute resolution proceedings of the airline at National Company Law Tribunal.
For the full financial year ended March, the travel booking platform reported a profit of Rs 103.46 crore, down from Rs 134.10 crore in the previous fiscal.
Go First stopped flying in early May last year and filed for voluntary bankruptcy proceedings amid financial woes, mainly triggered by Pratt & Whitney engine issues. In November, Jindal Power scrapped its plan to bid for Go First, after putting in an Expression of Interest (EoI) for the bankrupt airline.
The Directorate General of Civil Aviation deregistered all 54 aircraft of Go First after a Delhi High Court ruling on April 26 that allowed lessors to take back the leased planes.
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