For three months, travel portal CEO had pursued acquiring financially troubled Go First, but has now stepped away from the process.
Nishant Pitti, the head of the popular flight booking site EaseMyTrip, has removed his offer to purchase bankrupt airline Go First. Pitti's firm Busy Bee Airways, which he owns with aviation veteran Ajay Singh, had jointly submitted a proposal to take over the grounded carrier earlier this year.
However, in a statement released yesterday, Pitti explained that after careful deliberation, he decided it was best to end his involvement in the Go First bidding process. The travel entrepreneur said he wants to refocus his energy on other strategic ventures that are more aligned with his long-term goals for the company.
The withdrawal comes less than a month after the Delhi High Court allowed aircraft lessors to reclaim over 50 planes leased to Go First due to unpaid dues. At the time, Pitti noted he would reconsider Busy Bee's bid in light of the court order.
It is unclear if Singh will still pursue acquiring Go First on his own. Meanwhile, EaseMyTrip reported financial results for the recent quarter where revenue was down, possibly contributing to Pitti's shifted priorities away from the troubled airline sector.
Go First ceased flight operations in May last year due to mounting debts, especially from grounded aircraft affected by engine issues. The company began insolvency proceedings in an effort to restructure, with Busy Bee originally joining other bidders hoping to turn the business around.
