Picture credits: Wikipedia
India: Dubai’s budget carrier FlyDubai is exploring a collaboration with Busy Bee Airways to launch a domestic airline in India. Busy Bee is currently in talks to acquire bankrupt airline Go First—formerly known as GoAir—through its Committee of Creditors (CoC).
Go Air, founded in 2005 by the Wadia Group, was rebranded as Go First in 2021 to reposition itself as an ultra-low-cost carrier. The airline faced financial distress due to engine supply chain issues, leading to its grounding and subsequent insolvency proceedings.
Busy Bee is aiming to acquire Go First’s trademarks, flying license, and airport slots, while avoiding physical assets such as the airline’s land in Thane, near Mumbai according to Moneycontrol.
“The bidder is primarily focused on acquiring the brand associated with Go First rather than its assets,” a senior banker involved in the discussions told Moneycontrol.
Busy Bee, founded in April 2017 by Pran Sathiadasan, FlyDubai’s Director of Commercial Operations for Southeast Asia, is particularly keen on securing bilateral and domestic flying rights, along with Go First’s website.
FlyDubai, a subsidiary of the Dubai Aviation Corporation, is owned by the Investment Corporation of Dubai (ICD), the principal investment arm of the Dubai Government.
Picture credits: Wikipedia
Under India’s FDI policy, up to 49% FDI is allowed under the automatic route for domestic airlines, while 100% is permitted for NRIs. Investments beyond 49% from foreign entities require government approval.
An executive close to the discussions highlighted the importance of this potential partnership, stating, “It is crucial for India’s aviation sector to revitalise legacy airline brands. A partnership with FlyDubai would not only offer a competitive edge but also provide Indian travellers with more choices and better connectivity.”
Busy Bee has submitted a bid worth around ₹1,000 crore to acquire Go First’s intellectual properties, trademarks, and operational licenses. The airline has been grounded since May 2023, and in January 2025, the NCLT ordered its liquidation due to its failure to resume operations.
A written proposal from Busy Bee has been submitted to the creditors, and the airline is seeking approval from the NCLAT, with a hearing scheduled for February 19, 2025.
Nishant Pitti, former CEO of EaseMyTrip, had also shown interest in acquiring Go First, placing an initial bid of ₹1,600 crore, later increased to ₹1,800 crore.
In a previous interview with Moneycontrol, Pitti described his bid as a “strategic move”, stating, “Air travel is increasing significantly, and there is a demand-supply gap that could intensify in the future. Seeing an Indian airline on the verge of bankruptcy that needed support, I wanted to step in and revive the company in my capacity.”
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