Tag: GoAir

Go Air rebranded as Go First, promises next gen fleet, ultra-low-cost fare

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Wadia group-owned GoAir has been rebranded as Go First as the budget airline is planning for an IPO and expansion after a challenging period since the beginning of the COVID-19 pandemic last year.

The airline wants to depict itself as an ultra-low-cost airline and expects it to give a competitive advantage over its peers.

“GoAir is now Go First! Whether it’s your safety, your time, or your comfort – at Go First you always come first! Experience the benefits of the next-gen fleet, at ultra-low-cost fares, so your travel plans are never hampered. We hope to see you onboard soon!” GoAir tweeted.

GoAir is now Go First!
Whether it’s your safety, your time, or your comfort – at Go First you always come first! Experience the benefits of the next gen fleet, at ultra-low-cost fares, so your travel plans are never hampered. We hope to see you on board soon! pic.twitter.com/4aSfRNTfEk

— GoAir (@goairlinesindia) May 13, 2021

GoAir is going to bear a huge cost following the rebranding. The new aircraft would be rebranded and the existing one may have to undergo the changes. Presently, the airline has a fleet of over 50 aircraft. Replacement of old safety cards with rebranded ones placed in each seat pocket is a mammoth task since these aircraft come with 186 seats, adding up to about 10,000 such cards for the entire fleet.

An ultra-low-cost carrier (ULCC) is different from a low-cost carrier (LCC) as they have different business models with unbundled fares which result in cheaper ticket prices. At ULCC, passengers have to pay extra for baggage, while a selection of seats and food are subject to an additional fee. ULCCs also have fewer amenities than simple low-cost carriers.

The domestic budget flight operator is planning to go public and has filed the Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO) to raise Rs 3,600 crore via a fresh issue of shares.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wadia Group-owned GoAir likely to file for IPO this week

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Wadia Group-owned GoAir is expected to file Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO) with the market regulator Securities & Exchange Board of India (SEBI) this week, sources said.

GoAir is likely to raise Rs 3,600 crore through the IPO. Sources said that the entire IPO could be a fresh issue and there may not be any OFS.

The proceeds from the IPO are likely to be used towards debt repayment and towards growth capital.

GoAir flies to 39 destinations, including 10 international ones.

At present, there are only two Indian carriers listed on bourses, SpiceJet and IndiGo. In April 2019, Jet Airways was shut due to financial woes.

CNBC-TV18’s Yash Jain gets more details on the company’s plans.

Watch the video for more.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GoAir bets big on ultra-low-cost carrier model to consolidate market position

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the airline sector grapples with the second COVID-19 wave, Wadias-promoted GoAir has set its sights on a major expansion drive in terms of network and aircraft fleet and is betting big on its ultra-low-cost carrier model to consolidate its position as one of the few Indian airlines making profits in a highly-competitive and cost-intensive market.

”While the sector is facing temporary headwinds, we at GoAir believe that the airline is uniquely placed with its inherent ultra-low-cost structure that has always stood us in good stead,” its CEO Kaushik Khona told.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GoAir plans to file for IPO in next fiscal, aims to raise Rs 2,500 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Budget carrier GoAir is planning to come out with an initial public offer (IPO) of Rs 2,500 crore early next fiscal, news agency PTI reported.

The PTI report, quoting a source, stated that GoAir may initiate the process with the filing of the draft red herring prospectus (DRHP) around the second week of April, adding that it was consulting with ICICI Securities on the modalities of the proposed IPO.

According to the sources, even Citigroup and Morgan Stanley are helping the airline for its IPO.

Also read: One year of lockdown: Domestic aviation sector on recovery path, hiccups remain

However, a GoAir spokesperson denied commenting on the speculation, in response to an e-mail query sent to the airline’s chief executive officer, Kaushik Khona.

A few days ago, a CNBC-TV18 report, quoting sources, had stated that the airline planned to raise around Rs 4,000 crore for its IPO. “The company is likely to raise Rs 3,500-4,000 crore via issuance of over 25 percent equity. Funds raised will be used towards debt retirement and working capital,” sources told CNBC-TV18.

As of March 2020, the Wadia Group promoted company’s debt stands at Rs 1,780 crore. Do note, as per the annual report for FY20, Bombay Burmah, Britannia, or Bombay Dyeing have no stake in the airline.

Also read: Ex-Jet Airways CEO Vinay Dube mulls starting a domestic airline in 2021

Last week, GoAir’s promoter Jeh Wadia resigned as managing director and former Spirit Airlines CEO Ben Baldanza was appointed vice-chairman. In 2011, Baldanza had successfully led the Spirit Airlines IPO. The Mint report quoted Baldanza as saying that this gave him an opportunity to apply years of airline experience in the fast-growing market of India.

The budget carrier started operations in 2005, and flies to 39 destinations, including 10 international locations. At present, SpiceJet and IndiGo are the only two Indian carriers that are listed in the stock market. Jet Airways and Kingfisher Airlines were two are Indian carriers listed on the bourses. Both airlines ceased operations after going bankrupt.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

If you travel before June 30, check these GoAir offers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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If one is planning to fly by June 30 then the person can avail of a GoAir offer. The offer is available until March 26, therefore, one can avail of GoAir summer sale offer on booking a ticket before the aforementioned date.

According to the information available the airline’s website, the discounts are only available on domestic flights. For details about the fares, travellers can visit to the airline’s official website.

Flyers can now carry an extra 5 kg baggage, along with the permitted 15 kg, according to the GoAir website. One can also avail free rescheduling.

The sale offer is applicable on bookings made across all channels.

According to a PTI report, customers can make any number of date modifications to their ticket, free of cost. However, the passenger will have to pay the fare difference, if any, on rescheduling and there will be standard cancellation charges.

GoAir has also waived off the convenience fee for those who book tickets through its direct channels. The validity is for a booking period of March 22 to March 26, and valid for those travelling till June 30.

The promo is applicable only on direct domestic flights, and cannot be clubbed with any other offer. This deal is not for infants or group bookings.

It is to be noted that fares under this offer are non-refundable. GoAir has clarified that it reserves the right to withdraw the offer without any prior intimation.

Earlier on Monday, GoAir announced that Jeh Wadia, son of board Chairman Nusli Wadia, has stepped down as the managing director after over three years in the chair. Aviation industry veteran Ben Baldanza joined its board as vice-chairman.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jeh Wadia steps down as MD of GoAir, Ben Baldanza elevated as vice-chairman

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jeh Wadia, Managing Director of GoAir has resigned after three years at the helm of the airline and would continue as a promoter of the low cost carrier. Ben Baldanza, who has been an advisor to the company since 2018 and director since 2019, has been elevated as vice-chairman of the board.

The airline said in statement: “With the goal of taking GoAir to its next phase of growth, the promoters of the company and its Board came together to formulate a long-term plan. Amongst other initiatives, a key element of this plan, forged over weeks of discussions and consultation, was to further strengthen the management of the company by bringing on-board proven industry professionals, a strategy that has worked well for the group in its other ventures including Britannia.”

Baldanza will now work directly with the management team, comprising of Kaushik Khona – CEO and Pankaj Chaturvedi – CFO. He said, “I am excited to be part of GoAir’s next stage of journey. This gives me the opportunity to apply my years of airline experience in the vibrant and fast-growing market of India to create enduring value for all stakeholders.”

Speaking on behalf of the promoter family, Chairman Nusli Wadia said, “We are happy that Ben has accepted the position of Vice-Chairman. His experience in creating the first ULCC in US, turning it profitable and successfully leading its IPO are of great value, as GoAir embarks on the next phase of its growth journey.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GoAir makes history with first Srinagar night flight

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Low cost carrier GoAir operated the first night flight from Srinagar to New Delhi, thus becoming the first airline in the history of Indian aviation to achieve this feat.

The GoAir flight G8 7007 took off at 7.35 p.m. on Friday. It was an Airbus A320neo aircraft.

Going forward, GoAir will operate daily scheduled flight from Srinagar that will depart at 8.30 p.m. GoAir was also the first airline to operate morning flights to-and-from Srinagar.

Commenting on the achievement, Kaushik Khona, chief executive officer, GoAir, said, “It gives me immense pleasure to dedicate the first ever night flight from Srinagar to Delhi as a salute to the spirit of Srinagar. GoAir is also strengthening the network across the union territories of Jammu and Kashmir and Ladakh region by enhancing their daily flights to-and-from Srinagar.”

Khona also recollected the dedication and commitment of GoAir to the development of Jammu and Kashmir.

“GoAir was the only airline to operate daily flights from Awantipur Airforce Airport during the times when the main airport was closed due to resurfacing of the runway for a pretty long time. GoAir was the only airline to provide connectivity from Srinagar to other parts of the country during those times,” he said.

The first night flight from Srinagar marks a dawn of a new era that would provide improved connectivity from several airports in India to Srinagar, Jammu and Leh.

GoAir proposes to provide the residents of Srinagar and the tourists to Srinagar high mobility and freedom to plan their travel and provide day return connectivity to major airports like Delhi, Mumbai and other major airports.

GoAir is the aviation foray of India’s 284-year-old Wadia Group that comprises leading brands including 157-year-old Bombay Burmah, 141-year-old Bombay Dyeing, 102-year-old Britannia Ltd., 66-year-old National Peroxide Limited, the decade old Bombay Realty, and others.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Exclusive: GoAir likely to file DRHP for its IPO next month to raise around Rs 4,000 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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GoAir is likely to file DRHP for its IPO next month to raise around Rs 4,000 crore, sources told CNBC-TV18.

According to the sources, the IPO is likely to be a fresh issue of shares.

“The company is likely to raise Rs 3,500-4,000 crore via issuance of over 25 percent equity. Funds raised will be used towards debt retirement and working capital,” they added.

As of March 2020, the Wadia-group promoted company’s debt stands at Rs 1,780 crore. Do note, as per the annual report for FY20, Bombay Burmah, Britannia, or Bombay Dyeing have no stake in the airline.

ICICI Securities, Citi, and Morgan Stanley are bankers to the IPO, added the sources.

The company has not commented on the story yet.

Late last month, the company received a Rs 800 crore credit line from banks which will help the airline navigate through turbulent times that the aviation sector is facing due to the Covid-19 pandemic.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ex-Jet Airways CEO Vinay Dube mulls starting a domestic airline in 2021

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The former chief executive officer of Jet Airways and GoAir, Vinay Dube, plans to start a domestic airline in India in 2021, CNBC-TV18 has learnt.

Dube, who quit GoAir in August 2020 after a six-month stint, is mulling commencement of an airline with five aircraft by the end of 2021, sources added.

Dube has reached out to the ministry of civil aviation and the aviation regulator Directorate General of Civil Aviation (DGCA) on the matter and has held more than one round of discussion on the same with DGCA and the civil aviation ministry, sources added.

An Indian-American with over three decades of experience, Dube joined Jet Airways in June 2017 after a decade-long career at Delta Air Lines. He has also worked at American Airlines and Sabre Inc.

Dube resigned from Jet Airways in May 2019, one month after the airline suspended operations following severe financial distress.

He then joined Wadia Group-controlled GoAir in February 2020 as its chief executive officer but resigned soon after in August of the same year.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GoAir offers 1 million seats at Rs 859 each on domestic travel

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Budget carrier GoAir on Friday put one million seats up for sale on its domestic network at fares starting as low as Rs 859, under a limited-period special offer ahead of the Republic Day. The tickets under the scheme can be booked between January 22 and January 29 for travel period starting from April 1 to December 31, GoAir said in a release.

The sale will be valid for one-way fares, it said. Also, tickets booked under the sale period will attract zero change fees within 14 days of departure, applicable only for the promo fare seats, which are subject to availability, it said.

GoAir has rolled out an exciting Republic Day air ticket sale for passengers planning their domestic travel this year. As part of the Freedom Sale, one million seats will be available to book on the airline’s domestic network, with all-inclusive fares starting at Rs 859, the airline said.

GoAir Chief Executive Officer Kaushik Khona said, “With this Republic Day freedom sale, passengers can make considerable savings when planning their trips, travel to exotic destinations. We are confident that the promotion will be popular with our passengers in India.” Passengers planning to book tickets for domestic travel can avail substantial savings on prevailing all-inclusive lowest fares, the Wadia Group-owned airline said in the release. The special fares will be applicable only on direct flights operated by GoAir and for one-way journeys, it said.

It added that seats are subject to availability at the time of bookings and on first-cum-first-serve basis.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow