Go First, an Indian airline that sought voluntary bankruptcy, is a part of the Wadia Group, a prominent Indian conglomerate. The group's operations, including the parent company of Go First, are primarily led by Billionaire Nusli Wadia.
The Wadia Group and Nusli Wadia's Leadership
Nusli Wadia is the chairman of the Wadia Group, a diversified business empire with interests spanning textiles, food, chemicals, and aviation. As the head of the parent company, Nusli Wadia oversees the strategic direction and operations of its various ventures, including the airline Go First. His leadership signifies his position as the key figure controlling the airline's ultimate ownership and management.
Go First's Recent Challenges and Bankruptcy
Go First initiated voluntary bankruptcy proceedings in May 2023. The airline's financial distress and grounding have been a significant concern for the Wadia Group. Nusli Wadia has publicly attributed the airline's severe financial difficulties to issues with its aircraft engines.
- He stated that faulty engines manufactured and supplied by Pratt & Whitney (P&W) were a primary cause of the airline's struggles.
- These engine issues led to the grounding of a substantial portion of Go First's fleet, severely impacting its operations and profitability.
- The airline has reportedly incurred a staggering loss of ₹10,000 crore due to these persistent engine problems, as highlighted by Nusli Wadia.
The bankruptcy filing underscores the financial challenges faced by the airline, which, despite being part of a larger conglomerate, succumbed to operational hurdles largely stemming from equipment failures.
