Thursday, October 12, 2023

India's Go First airline gets expression of interest from Jindal Power, sources say

Mumbai: Grounded Indian airline Go First has received an expression of interest (EoI) from Jindal Power Ltd, two banking sources and two people aware of the development told Reuters.

An EoI is the first step in the bidding process and may not result in a financial bid.

"Jindal Power was the sole successful applicant whose expression of interest was accepted by banks," said a banker with a state-run bank that has exposure to Go First.

The power generation company "will be conducting proper due diligence and post which it could submit a formal bid", said the banker, who did not wish to be named as he was not authorized to speak to the media.

Go First's resolution professional, who conducts the insolvency process, and Jindal Power did not immediately respond to Reuters requests for comment.

12/10/2023 Siddhi Nayak/Reuters

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