CORPORATE
EaseMyTrip CEO Nishant Pitti opts out of the bid for bankrupt Go First
- IBJ Bureau
- May 26, 2024
More than three months after jointly bidding for Go First, travel portal EaseMyTrip’s CEO Nishant Pitti on Saturday said that he was withdrawing the bid for the bankrupt airline.
Busy Bee Airways, majority-owned by Mr Pitti, along with SpiceJet Chief Ajay Singh, had put in a bid for Go First, which is undergoing an insolvency resolution process, in February.
Mr Pitti said that after careful consideration, he decided to withdraw the bid for Go First in his personal capacity.
“The decision allows me to better focus on other strategic priorities and initiatives that align with our long-term vision and growth objectives,” he said in a statement.
The latest move also comes less than a month after the Delhi High Court allowed lessors to take back 54 planes leased to Go First.
On April 26, Mr Pitti had said that he would consider any necessary adjustments to his proposed offer for the grounded airline after reviewing the court order.
It could not be immediately ascertained whether Mr Singh will be pursuing the bid since the joint bidder, Busy Bee Airways, has opted out.
Meanwhile, Mr Pitti’s announcement about the withdrawal of the bid also comes a day after EaseMyTrip on Friday reported a consolidated loss of Rs 15.07 crore for the March quarter and a full-year profit after tax of Rs 103.46 crore.
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