Go First, founded as GoAir, was an Indian low-cost airline based in Mumbai, Maharashtra. It is owned by the Indian business conglomerate, Wadia Group. It commenced operations on 4 November 2005 and operated a fleet of Airbus A320 aircraft in an all economy configuration.
In 2021, the airline planned to launch an IPO to raise ₹36 billion (US$450 million). In 2023, the airline faced problems with the availability of Pratt & Whitney engines used on its entire fleet of A320 aircraft and alleged that the issue was impacting its operations. Subsequently, the airline ceased operations on 3 May 2023 and filed an application for voluntary insolvency before the National Company Law Tribunal.
History
GoAir was founded in 2005 by Jehangir Wadia, son of Indian industrialist Nusli Wadia. The airline is a wholly owned subsidiary of the Wadia Group.[2] GoAir commenced its operations using an Airbus A320 aircraft and operated its inaugural flight from Mumbai to Ahmedabad on 4 November 2005.[2] The airline initially operated with a single aircraft to four destinations including Goa and Coimbatore with plans to induct 36 aircraft by 2008.[3] In March 2008, the airline announced revised plans to operate 11 aircraft and service new destinations in North East and South India by the end of the year.[4] But increasing fuel prices forced GoAir to cut down the existing number of flights in June 2008.[5]
In January 2009, British Airways was interested in buying a stake in the airline.[6] In November 2009, GoAir entered into talks with Indian airline SpiceJet over a possible merger which ended in a no deal.[7] In April 2012, GoAir became the fifth largest airline in India in terms of market share following the demise of Kingfisher Airlines.[8][9] In 2013, the airline appointed investment bank JP Morgan to scout for potential investors.[10]
A Go First Airbus A320-200 in its former GoAir livery (2011)
The airline's growth has been slow compared to other airlines established at the same time such as IndiGo and SpiceJet, which have larger market share, fleet size and destinations served as of 2016.[11] According to the airline, it is a planned strategy due to the tough aviation environment in India and to focus on maintaining profitability rather than on capturing market share and increasing the destinations and fleet size.[12][13] As of February 2016, it remains the fifth largest carrier in the country with an 8% market share.[14] The airline is planning for an initial public offering (IPO) in 2016.[15] The airline took delivery of its 20th aircraft in June 2016, making it eligible to operate international flights.[16] GoAir became the sixth Indian domestic carrier to fly internationally when it launched its inaugural flight to Phuket from Delhi on 11 October 2018.[17] On 17 March 2020, amidst the COVID-19 pandemic, GoAir suspended all its international flights.[18] On 13 May 2021, GoAir was rebranded as Go First.[19] In 2021, the airline planned to launch an IPO to raise ₹36 billion (US$450 million).[20][21]
In 2023, the airline faced operational issues resulting in cancellation of multiple flights.[22] The airline claimed to have been largely impacted by supply chain issues of Pratt & Whitney PW1000G engines which power its entire fleet of A320neo aircraft. Subsequently, the airline filed for voluntary insolvency resolution before the National Company Law Tribunal (NCLAT) on 2 May 2023.[23] The airline also sued Pratt & Whitney in a United States federal court seeking to enforce an arbitral award directing supply of engines as contracted.[24] Pratt & Whitney disputed these claims.[25] The airline sought interim directions from NCLAT to continue functioning and requested restrictions on any adverse regulatory action which was denied. Due to non-payment of rental dues, leasing companies repossessed the airline's leased planes.[26] On 26 June 2023, the airline's creditors approved an interim financing of ₹425 crore (US$53 million) aimed at returning it to operation, pending board approval.[27] In mid-August 2023, the airline sought emergency funding of ₹100 crore (US$13 million) to keep itself afloat.[28]
On 13 February 2024, it was announced that Go First had received a 60-day extension for its insolvency resolution process, allowing potential investors to submit their proposals for the carrier's revival. This was the second extension given to Go First and also the last one it could expect. The airline had attracted interest from multiple investors, including SpiceJet. [29]
As of February 2024, Chairman and Managing Director (CMD) of SpiceJet, Ajay Singh along with majority stakeholder of Busy Bee Airways and co-founder of EaseMyTrip, Nishant Pitti has submitted a bid for GoFirst, amounted at ₹600 crore (US$75 million). Total dues of Go First including claims of vendors and lessors go up to ₹11,463 crore (US$1.4 billion) which they plan to pay off by 'monetising' two land parcel of GoFirst has in Mumbai. As per the bid, Nishant Pitti will hold majority stake of 60% and the rest would be held by Ajay Singh. They have plans to start operations using 15 aircraft. The has been another bidder for the airline, Sharjah based Sky One FZE.[30]
Corporate affairs
The airline is headquartered in the Wadia International Centre in Worli, Mumbai.[31]Jehangir Wadia served as the managing director of the airline since its inception until his resignation in 2021.[13] In April 2016, Wolfgang Prock-Schauer, the CEO of the airline, also became the joint Managing Director.[32] Kaushik Khona was appointed as the CEO in August 2020.[33] Khona stepped down as CEO in November 2023.[34]
Livery
GoAir aircraft were painted in different colour schemes such as blue and pink with the logo on the tail. In 2011, the airline announced that all its aircraft will convert to a similar new grey colour scheme.[35] On 13 May 2021, GoAir was rebranded as Go First with a new blue colored scheme and livery.[19]
In March 2020, Go First operated a network of 39 destinations – 29 domestic and 10 international with 325 daily flights.[36] In June 2016, GoAir became eligible for international operations.[12] The airline commenced its first international operations on 11 October 2018 from Delhi to Phuket.[17]
Fleet
Current fleet
A Go First Airbus A320neo in the old GoAir Livery. In 2022, the airline adapted a new livery as a part of its rebranding
In June 2011, Go First placed an order for 72 Airbus A320neo aircraft worth ₹32,400 crore (US$4.1 billion). Deliveries began in 2016, with an induction rate of 12–15 aircraft per year.[40] In December 2015, Airbus intimated that the deliveries will be delayed by three months due to technical issues and the aircraft will be delivered by the second quarter of the financial year 2015–16.[41] Go First received its first A320neo aircraft on 1 June 2016.[16]
In July 2016, Go First signed a memorandum of understanding with Airbus for 72 Airbus A320neo aircraft valued at US$7.7 billion, potentially taking the total number of orders to 144. This deal was announced at Farnborough Airshow.[42]
When the airline ceased operations in 2023, they had 26 aircraft operational while the other 28 aircraft were grounded due to engine issues with Pratt & Whitney.[30]
Services
Being a budget airline, Go First does not provide complimentary meals on its flights but offers options for buy on board in-flight meals.[43] The airline publishes an in-flight magazine named Go-getter.[44] Go First offers a premium service known as Go Business at a higher fare which provides extra services including seats with greater legroom, free meals, increased baggage allowance and priority boarding.[45] In 2011, the airline launched its frequent flyer programme called Go Club, which provided benefits such as lounge access and free upgrade to Go Business.[46] New membership was discontinued in February 2014.[47]
Accolades
Go First was rated as the "Best Domestic Airline For Excellence in Quality and Efficient Service" by Pacific Area Travel Writers Association in 2008.[48] The airline was named the "Best Performing Airline" in Asia and Africa of all Airbus A320 operators by Airbus in 2011 based on fleet utilization and other performance metrics.[49]
₹4,553 crore (US$570 million) (FY 2017)[1].jpg)
