The interim resolution professional (IRP) of Go First has submitted a six-month revival plan to the Directorate General of Civil Aviation (DGCA), saying that it is ready to resume operations with 26 operational aircraft and 400 pilots on its rolls. The airline also told the DGCA that oil marketing companies have extended their support to help Go First. Prior to the airline’s insolvency plea, oil marketing companies had put their operation on cash and carry terms. Currently, the airline’s operations are under suspension till June 4. The revival plan also cites support of 15 of the 20 major travel agents with regard to ticketing services. Meanwhile, other airlines are planning to lease 115 aircraft to fill the gap left by Go First.
Adani Enterprises out of short-term ASM framework On June 2, three main updates on the Adani Group. The first news is that NSE, BSE have removed Adani Enterprises, the flagship company of the group, from the ambit of short-term ASM framework i.e. additional monitoring from 2 June. The first phase of the ASM framework started on May 25. Under this, the rate of margin for all open positions will be 50% or the existing margin, whichever is higher and the Same will be applicable. In a latest, Adani Group company Adani Roads Transport Ltd (ARTL) on Thursday terminated yet another proposed acquisition and said it will not be going ahead with the acquisition of four road assets worth ₹3,110 crore from Australian investor Macquarie. ARTL had entered into an agreement with Macquarie Asia Infrastructure Fund to acquire 100% stake in Swarna Tollway Private Limited and 56.8% stake in Gujarat Road and Infrastructure Company Limited on 4 August 2022. The two companies own two toll road projects each in Gujarat and Andhra Pradesh. Further, GQG Partners, said it intends to buy more stocks of the Adani group. GQG Partners, which invested $1.87 billion in four Adani group companies in March, earlier this week had pumped in another $330 million-$530 million into these companies.
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