India’s Wadia Group, the owner of cash-strapped Go Airlines (India) Ltd, is completely committed to the company, and has no plans to exit it, the airline’s chief executive said on Wednesday.
The news came a day after the airline, recently rebranded as Go First, filed for bankruptcy, blaming “faulty” Pratt & Whitney (P&W) engines for the grounding of about half its fleet.
The insolvency proceedings were aimed at reviving the airline and not selling it, Chief Executive Kaushik Khona told Reuters in an interview, adding that the company had made all payments to Pratt & Whitney.
The airline was also looking to engage with lessors to dissuade them from taking any action, he added.
The first major airline collapse in India since that of Jet Airways in 2019 underscores the fierce competition in a sector dominated by IndiGo and the recent merger of Air India and Vistara under the Tata conglomerate.