Business Traveller
Upon receiving Rs 800 crore line of credit from banks, Go Air will now not need to recast its loans. This will help the Wadia-group-promoted airline to navigate through turbulent times that the aviation-sector is facing due to COVID-19 pandemic.
According to banking industry sources, the airline had applied for a debt restructuring under RBI in August 2020. However, with this credit line, the airline will not need to recast its loans.
The airline declined to comment on the story when contacted. “According to the airline’s policy, Go Air does not comment on market speculation”, Go Air spokesperson said.
The loan extended to GoAir was under the Emergency Credit Line Guarantee Scheme (ECLGS) 2.0, which was announced as a part of the third set of measures under the Atmanirbhar Bharat package.