Go First

Last updated

Go First
Go First RGB Logo 1 reduced.jpg
IATA ICAO Callsign
G8GOWGO AIR
Founded4 November 2005 (2005-11-04)
(as GoAir)
Commenced operations4 November 2005 (2005-11-04)
Ceased operations3 May 2023 (2023-05-03)
Operating bases
Fleet size53
Parent company Wadia Group
Headquarters Mumbai, Maharashtra, India
Key peopleBhisham Bharadwaj (Chairman)
Revenue Increase2.svg₹4,553 crore (US$570 million) (FY 2017) [1]
Profit Increase2.svg₹294.88 crore (US$37 million) (FY 2017) [1]
Website www.flygofirst.com (now defunct)

Go First, founded as GoAir, was an Indian low-cost airline based in Mumbai, Maharashtra. It is owned by the Indian business conglomerate, Wadia Group. It commenced operations on 4 November 2005 and operated a fleet of Airbus A320 aircraft in an all economy configuration.

Contents

In 2021, the airline planned to launch an IPO to raise ₹36 billion (US$450 million). In 2023, the airline faced problems with the availability of Pratt & Whitney engines used on its entire fleet of A320 aircraft and alleged that the issue was impacting its operations. Subsequently, the airline ceased operations on 3 May 2023 and filed an application for voluntary insolvency before the National Company Law Tribunal.

History

GoAir was founded in 2005 by Jehangir Wadia, son of Indian industrialist Nusli Wadia. The airline is a wholly owned subsidiary of the Wadia Group. [2] GoAir commenced its operations using an Airbus A320 aircraft and operated its inaugural flight from Mumbai to Ahmedabad on 4 November 2005. [2] The airline initially operated with a single aircraft to four destinations including Goa and Coimbatore with plans to induct 36 aircraft by 2008. [3] In March 2008, the airline announced revised plans to operate 11 aircraft and service new destinations in North East and South India by the end of the year. [4] But increasing fuel prices forced GoAir to cut down the existing number of flights in June 2008. [5]

In January 2009, British Airways was interested in buying a stake in the airline. [6] In November 2009, GoAir entered into talks with Indian airline SpiceJet over a possible merger which ended in a no deal. [7] In April 2012, GoAir became the fifth largest airline in India in terms of market share following the demise of Kingfisher Airlines. [8] [9] In 2013, the airline appointed investment bank JP Morgan to scout for potential investors. [10]

A Go First Airbus A320-200 in its former GoAir livery (2011) GoAir Airbus A320-200 (Brown).jpg
A Go First Airbus A320-200 in its former GoAir livery (2011)

The airline's growth has been slow compared to other airlines established at the same time such as IndiGo and SpiceJet, which have larger market share, fleet size and destinations served as of 2016. [11] According to the airline, it is a planned strategy due to the tough aviation environment in India and to focus on maintaining profitability rather than on capturing market share and increasing the destinations and fleet size. [12] [13] As of February 2016, it remains the fifth largest carrier in the country with an 8% market share. [14] The airline is planning for an initial public offering (IPO) in 2016. [15] The airline took delivery of its 20th aircraft in June 2016, making it eligible to operate international flights. [16] GoAir became the sixth Indian domestic carrier to fly internationally when it launched its inaugural flight to Phuket from Delhi on 11 October 2018. [17] On 17 March 2020, amidst the COVID-19 pandemic, GoAir suspended all its international flights. [18] On 13 May 2021, GoAir was rebranded as Go First. [19] In 2021, the airline planned to launch an IPO to raise ₹36 billion (US$450 million). [20] [21]

In 2023, the airline faced operational issues resulting in cancellation of multiple flights. [22] The airline claimed to have been largely impacted by supply chain issues of Pratt & Whitney PW1000G engines which power its entire fleet of A320neo aircraft. Subsequently, the airline filed for voluntary insolvency resolution before the National Company Law Tribunal (NCLAT) on 2 May 2023. [23] The airline also sued Pratt & Whitney in a United States federal court seeking to enforce an arbitral award directing supply of engines as contracted. [24] Pratt & Whitney disputed these claims. [25] The airline sought interim directions from NCLAT to continue functioning and requested restrictions on any adverse regulatory action which was denied. Due to non-payment of rental dues, leasing companies repossessed the airline's leased planes. [26] On 26 June 2023, the airline's creditors approved an interim financing of ₹425 crore (US$53 million) aimed at returning it to operation, pending board approval. [27] In mid-August 2023, the airline sought emergency funding of ₹100 crore (US$13 million) to keep itself afloat. [28] On 13 February 2024, it was announced that Go First had received a 60-day extension for its insolvency resolution process, allowing potential investors to submit their proposals for the carrier's revival. This was the second extension given to Go First and also the last one it could expect. The airline had attracted interest from multiple investors, including SpiceJet. [29]

As of February 2024, Chairman and Managing Director (CMD) of SpiceJet, Ajay Singh along with majority stakeholder of Busy Bee Airways and co-founder of EaseMyTrip, Nishant Pitti has submitted a bid for GoFirst, amounted at ₹600 crore (US$75 million). Total dues of Go First including claims of vendors and lessors go up to ₹11,463 crore (US$1.4 billion) which they plan to pay off by 'monetising' two land parcel of GoFirst has in Mumbai. As per the bid, Nishant Pitti will hold majority stake of 60% and the rest would be held by Ajay Singh. They have plans to start operations using 15 aircraft. The has been another bidder for the airline, Sharjah based Sky One FZE. [30]

Corporate affairs

The airline is headquartered in the Wadia International Centre in Worli, Mumbai. [31] Jehangir Wadia served as the managing director of the airline since its inception until his resignation in 2021. [13] In April 2016, Wolfgang Prock-Schauer, the CEO of the airline, also became the joint Managing Director. [32] Kaushik Khona was appointed as the CEO in August 2020. [33] Khona stepped down as CEO in November 2023. [34]

Livery

GoAir aircraft were painted in different colour schemes such as blue and pink with the logo on the tail. In 2011, the airline announced that all its aircraft will convert to a similar new grey colour scheme. [35] On 13 May 2021, GoAir was rebranded as Go First with a new blue colored scheme and livery. [19]

Destinations

In March 2020, Go First operated a network of 39 destinations – 29 domestic and 10 international with 325 daily flights. [36] In June 2016, GoAir became eligible for international operations. [12] The airline commenced its first international operations on 11 October 2018 from Delhi to Phuket. [17]

Fleet

Current fleet

A Go First Airbus A320neo in the old GoAir Livery. In 2022, the airline adapted a new livery as a part of its rebranding GoAir, VT-WGR, Airbus A320-271N.jpg
A Go First Airbus A320neo in the old GoAir Livery. In 2022, the airline adapted a new livery as a part of its rebranding

Prior to ceasing operations, Go First operated an all Airbus A320 fleet: [37] [38] [39]

AircraftIn serviceOrdersPassengersNotes
Airbus A320-200 5—180—
Airbus A320neo 4988186—
Total5488

Fleet development

In June 2011, Go First placed an order for 72 Airbus A320neo aircraft worth ₹32,400 crore (US$4.1 billion). Deliveries began in 2016, with an induction rate of 12–15 aircraft per year. [40] In December 2015, Airbus intimated that the deliveries will be delayed by three months due to technical issues and the aircraft will be delivered by the second quarter of the financial year 2015–16. [41] Go First received its first A320neo aircraft on 1 June 2016. [16]

In July 2016, Go First signed a memorandum of understanding with Airbus for 72 Airbus A320neo aircraft valued at US$7.7 billion, potentially taking the total number of orders to 144. This deal was announced at Farnborough Airshow. [42]

When the airline ceased operations in 2023, they had 26 aircraft operational while the other 28 aircraft were grounded due to engine issues with Pratt & Whitney. [30]

Services

Being a budget airline, Go First does not provide complimentary meals on its flights but offers options for buy on board in-flight meals. [43] The airline publishes an in-flight magazine named Go-getter. [44] Go First offers a premium service known as Go Business at a higher fare which provides extra services including seats with greater legroom, free meals, increased baggage allowance and priority boarding. [45] In 2011, the airline launched its frequent flyer programme called Go Club, which provided benefits such as lounge access and free upgrade to Go Business. [46] New membership was discontinued in February 2014. [47]

Accolades

Go First was rated as the "Best Domestic Airline For Excellence in Quality and Efficient Service" by Pacific Area Travel Writers Association in 2008. [48] The airline was named the "Best Performing Airline" in Asia and Africa of all Airbus A320 operators by Airbus in 2011 based on fleet utilization and other performance metrics. [49]

See also

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References

  1. 1 2 ANNUAL REPORT 2016-17 (PDF) (Report). GoAir. p. 8. Archived from the original (PDF) on 16 May 2018. Retrieved 16 May 2018.
  2. 1 2 "GoAir: About us". GoAir. Retrieved 15 April 2016.
  3. ↑ "GoAir begins commercial flights". The Economic Times . 4 November 2005. Retrieved 15 April 2016.
  4. ↑ "GoAir to expand operations in South, Northeast". The Economic Times . 16 March 2008. Retrieved 15 April 2016.
  5. ↑ Roy, Mithun (11 July 2008). "GoAir to drop 300 flights to reduce losses". The Economic Times . Retrieved 15 April 2016.
  6. ↑ Roy, Mithun (5 January 2009). "British Air wants to buy 25% in GoAi". The Economic Times . Retrieved 15 April 2016.
  7. ↑ Bhalla, Mohit; Chatterjee, Paramita (17 November 2009). "GoAir, SpiceJet deal enters air pocket". The Economic Times . Retrieved 15 April 2016.
  8. ↑ "Air India, Kingfisher Airlines market share shrinks". The Economic Times . 17 May 2012. Retrieved 15 April 2016.
  9. ↑ "IndiGo market share shrinks for 2nd month in a row in December". The Economic Times . 22 January 2014. Retrieved 15 April 2016.
  10. ↑ Shah, Sneha; Singhal, Manisha; Vyas, Maulik (9 May 2013). "GoAir scouts for partners to sell 49% stake". The Economic Times . Retrieved 15 April 2016.
  11. ↑ "What keeps GoAir up in the air". Rediff . 4 June 2015. Retrieved 15 April 2016.
  12. 1 2 Mishra, Lalatendu (3 March 2013). "We will not sell under cost". The Hindu Business Line . Chennai, India. Retrieved 15 April 2016.
  13. 1 2 "Stay small till customer has a need, not want: Jeh Wadia". Times of India . 16 February 2012. Retrieved 15 April 2016.
  14. ↑ "India's domestic passenger demand up 25 percent: IATA". Business Standard . 6 April 2014. Retrieved 14 April 2016.
  15. ↑ "GoAir awaits Airbus delivery schedule to decide IPO timing". Live Mint . 28 March 2016. Retrieved 14 April 2016.
  16. 1 2 "GoAir takes delivery of its first Neo aircraft". Live Mint . 1 June 2016. Retrieved 5 June 2016.
  17. 1 2 "GoAir launches maiden Delhi-Phuket flight". The Hindu Business Line . 12 October 2018. Retrieved 8 August 2019.
  18. ↑ "GoAir suspends international operations". Mint. 17 March 2020. Retrieved 18 March 2020.
  19. 1 2 "GoAir rebrands as Go First after 15 years of flying". Times of India . 13 May 2021. Retrieved 13 May 2021.
  20. ↑ Raj, Shubham (28 May 2021). "There is a reason why GoAir is in a hurry to go public". The Economic Times . Retrieved 1 December 2023.
  21. ↑ "Go Airlines (India) Limited – DRHP". SEBI. Retrieved 28 May 2021.
  22. ↑ "Cash-strapped Go First cancels May 3, 4 flights, to file for insolvency". Hindustan Times . 2 May 2023. Retrieved 2 May 2023.
  23. ↑ "Go First insolvency: NCLAT to pass order on aircraft lessors' petitions on May 22". The Telegraph . New Delhi. 15 May 2023. Retrieved 15 May 2023.
  24. ↑ Mascarenhas, Francis (12 May 2023). "Go First's financial crisis and its Pratt & Whitney dispute: what you need to know". Reuters . New Delhi . Retrieved 15 May 2023.
  25. ↑ "Go First's financial crisis and its Pratt & Whitney dispute: What you need to know". Reuters. 12 May 2023. Retrieved 1 December 2023.
  26. ↑ "Go First: What went wrong with Indian airline?". BBC News. 4 May 2023. Retrieved 5 May 2023.
  27. ↑ "Go First creditors approve Rs 425 cr interim fund to revive airline, await board nod". The Economic Times . 25 June 2023. ISSN   0013-0389 . Retrieved 26 June 2023.
  28. ↑ "Go First asks lenders for Rs 100 crore emergency funding: Report". Business Today. 14 August 2023. Retrieved 18 August 2023.
  29. ↑ "MSN". MSN .
  30. 1 2 "Go First bid: Ajay Singh, Pitti bank on land parcel, arbitral award to revive the airline". Financialexpress. 20 February 2024. Retrieved 21 February 2024.
  31. ↑ "Our Offices". Go First. Retrieved 13 December 2022.
  32. ↑ Chaudhary, Anirban (16 February 2012). "Wolfgang Prock-Schauer promoted to Managing Director of GoAir". The Economic Times . Retrieved 15 April 2016.
  33. ↑ "Go Air appoints new CEO". Mint. 14 August 2020. Retrieved 1 December 2023.
  34. ↑ "Go First CEO Kaushik Khona resigns amid airline's uncertain future". Hindustan Times . 30 November 2023. Retrieved 1 December 2023.
  35. ↑ Singhal, Manisha (25 June 2011). "GoAir places order worth $7 bn for 72 Airbus A320 neo aircraft". The Economic Times . Retrieved 16 April 2016.
  36. ↑ "International Flights". Goair.in. 11 October 2019.
  37. ↑ Orders & deliveries, Airbus. Airbus (Report). Airbus SAS. 31 October 2022.
  38. ↑ "About Us : GoAir". GoAir. Retrieved 1 September 2018.
  39. ↑ "Go First Fleet details". Airfleets. Retrieved 1 September 2018.
  40. ↑ "GoAir orders 72 Airbus jets for Rs. 32,000 crore". Times of India . 17 June 2011. Archived from the original on 25 June 2016. Retrieved 16 April 2016.
  41. ↑ "A320neo delivery to GoAir likely to be delayed". The Economic Times . 20 December 2015. Retrieved 16 April 2016.
  42. ↑ "Business Standard – GoAir new order for 72 further NEO's". 13 July 2016. Archived from the original on 15 July 2016.
  43. ↑ "GoAir Menu". GoAir. Archived from the original on 23 April 2016. Retrieved 16 April 2016.
  44. ↑ "Go Getter In-flight magazine". GoAir. Archived from the original on 24 March 2016. Retrieved 16 April 2016.
  45. ↑ "Go Business". GoAir. Archived from the original on 24 March 2016. Retrieved 16 April 2016.
  46. ↑ Phadnis, Aneesh (11 December 2011). "GoAir flies on new routes to lure passengers". Business Standard . Archived from the original on 4 August 2016. Retrieved 5 June 2016.
  47. ↑ Hill, Ruben (27 April 2016). "GoAir Frequent Flyer Program". ISP online. Archived from the original on 23 September 2016. Retrieved 5 June 2016.
  48. ↑ "PATWA International Awards" (PDF). PATWA. Archived from the original (PDF) on 24 April 2016. Retrieved 30 March 2013.
  49. ↑ "GoAir ranked the Best Performing Airline by Airbus". Breaking Travel News. 1 June 2011. Archived from the original on 20 December 2013. Retrieved 30 March 2013.

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