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The deadline to submit takeover bids ends on Tuesday, and the sources told Reuters Jindal had decided against bidding after evaluating the airline's financial statements. "The EoI was largely to check the valuation of the airline and get access to the company's data," said one of the sources. Jindal Power and Go First's resolution professional did not reply to emails seeking comment. The Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Deutsche Bank (DBKGn.DE) are among the top creditors to the airline. Both bankers said the liquidation of the airline was now the most likely option as there were no serious bidders.

Persons: Francis Mascarenhas, India's, Reuters Jindal, Jindal, Banks, Siddhi Nayak, Sarita Chaganti Singh, Miral Organizations: REUTERS, Rights, India's Jindal Power Ltd, Reuters, Jindal Power, Bankers, Central Bank of India, Bank of Baroda, IDBI Bank, Deutsche Bank, Siddhi, Thomson Locations: Shivaji, Mumbai, India, Rights MUMBAI, Bank, BOB.NS, Delhi

☆ India's Go First airline gets expression of interest from Jindal Power - sources
▼ + stars: | 2023-10-11 | by ( Siddhi Nayak | ) www.reuters.com time to read: +2 min

REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsMUMBAI, Oct 11 (Reuters) - Grounded Indian airline Go First has received an expression of interest (EoI) from Jindal Power Ltd, two banking sources and two people aware of the development told Reuters. "Jindal Power was the sole successful applicant whose expression of interest was accepted by banks," said a banker with a state-run bank that has exposure to Go First. Go First's resolution professional, who conducts the insolvency process, and Jindal Power did not immediately respond to Reuters requests for comment. However, the government amended its insolvency law earlier this month to exclude leased aircraft from assets that can be frozen, to bring India's bankruptcy laws into line with a treaty protecting the rights of foreign lessors. It is unclear whether the amended law would apply to Go First since its insolvency proceedings are still underway.

Persons: Adnan Abidi, Jindal, EoIs, Siddhi Nayak, Sarita Chaganti Singh, Devika Organizations: REUTERS, Rights, Jindal Power Ltd, Reuters, Jindal Power, Go, Central Bank of India, Bank of Baroda, IDBI Bank, Deutsche Bank, Aircraft, Siddhi, Thomson Locations: New Delhi, India, Rights MUMBAI, Bank, BOB.NS, Mumbai

☆ Global growth is set to slow — but there are 'pockets of resilience,' Moody's says
▼ + stars: | 2023-09-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

An aerial view shows the Central Bank of India building, in Mumbai, India, 28 September, 2022. (Photo by Niharika Kulkarni/NurPhoto via Getty Images)The global economy is set to slow down as inflation remains stickier than expected — but there may be some "pockets of resilience," according to Moody's Investors Service. Diron said the slowdown can be attributed to three factors: higher interest rates that persist, China's slowing growth, as well as financial system stresses. While central banks have managed to steer the global economy and "create a disinflationary trend" by raising interest rates, inflation risks are still a sticking point, she said. "There are still risks out there that inflation could prove stickier ... than currently expected, and that would lead to higher risks for longer and slower growth," explained the managing director.

Persons: Niharika Kulkarni, We're, Marie Diron, Diron Organizations: Central Bank of India, Getty, Moody's Investors Service, CNBC Locations: Mumbai, India, Asia

☆ India’s airline turbulence will be felt abroad
▼ + stars: | 2023-05-17 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

India’s Go First has gone into bankruptcy – the country’s second airline to do so since 2019. Its subsequent public and messy spat with engine suppliers and lessors will have ripple effects across the industry and abroad. Go, the country’s third largest airline with a 7% market share, blames Raytheon Technologies-backed (RTX.N) Pratt & Whitney’s “faulty” engines. A global industry association, Aviation Working Group, has put India on a watchlist for violating global conventions on repossession of airplanes. The trouble at Go may not put them off but it promises some extra turbulence ahead.

In granting bankruptcy protection, the National Company Law Tribunal in New Delhi ordered a moratorium on Go First's assets and leases. But bankruptcy protection supersede lessors' repossession requests. Go First's lessors also include SMBC Aviation Capital and CDB Aviation's GY Aviation Leasing. Its voluntary seeking of bankruptcy protection to renegotiate contracts and debt marks a first for an Indian airline, and Chief Executive Officer Kaushik Khona, who was present as the order was read, hailed the tribunal's decision as "historic". The Indian tribunal said the new resolution professional will take "all necessary steps including the execution of the arbitral award".

The cash-strapped airline wants the tribunal to accept its plea and is seeking an interim moratorium to save its assets, a move the lessors oppose. Go First did not immediately respond to a request for comment on the lessors' bid to deregister the planes. Engine failures have cost the airline 108 billion rupees ($1.3 billion) in lost revenue and expenses, it said. Amid the dispute between the lessors and the troubled airline, banks with exposure to it are awaiting the tribunal's decision to decide their next course of action, two people involved in the talks told Reuters. The company owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed, and had not defaulted on any of those dues by the end of April.

☆ IndiGo shares surge after smaller rival Go First files for bankruptcy
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 3 (Reuters) - Shares of India's largest airline IndiGo (INGL.NS) surged over 8% on Wednesday as smaller rival Go First's bankruptcy filing raised hopes of market share gains and improved yields. Cash-strapped airline Go First filed for bankruptcy on Tuesday, blaming "faulty" Pratt & Whitney engines for the grounding of about half its fleet and taking lenders by surprise. Lenders to Go First, including Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS) and Axis Bank (AXBK.NS) dropped 1.1% to 6.8% on Wednesday. Go First owes financial creditors 65.21 billion rupees ($798 million), its bankruptcy filing showed. Bombay Burmah Trading (BBRM.NS), which is also owned by Wadia and has given loans to Go First in the form of inter-corporate deposits, slid 10%.

☆ Go First bankruptcy isn’t the end of the Indian airline, says owner
▼ + stars: | 2023-05-03 | by ( ) edition.cnn.com time to read: +2 min

His comments came a day after the cash-strapped Indian airline filed for bankruptcy, blaming “faulty” Pratt & Whitney (P&W) engines for the grounding of about half its fleet. The airline owed financial creditors 65.21 billion Indian rupees ($797 million), its bankruptcy filing showed. Boon for rivalsGo First’s bankruptcy may boost airfares in India and give other domestic airlines a chance to grab a larger chunk of the market share, analysts said. Share prices of India’s largest airline, IndiGo, were up 5.1% on Wednesday, after rising as much as 8.2% earlier. Lenders to Go First, including Central Bank of India, Bank of Baroda, IDBI Bank and Axis Bank, fell on Wednesday.

☆ India's Go First Airways owes financial creditors $798 million - filing
▼ + stars: | 2023-05-02 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +2 min

MUMBAI, May 2 (Reuters) - Indian airline Go First, which filed for bankruptcy on Tuesday, owes financial creditors 65.21 billion Indian rupees ($798 million), its bankruptcy filing showed. "However, considering the present financial situation of the corporate applicant, defaults to financial creditors would be imminent," the filing said. The filing lists Central Bank of India (CBI.NS), Bank of Baroda (BOB.NS), IDBI Bank (IDBI.NS), Axis Bank (AXBK.NS) and Deutsche Bank among Go First's financial creditors. The airline's total liabilities to all creditors stand at 114.63 billion rupees, the filing shows. The company has defaulted on payments to operational creditors, including 12.02 billion rupees to vendors and 26.60 billion rupees to aircraft lessors.

☆ Indian shares set to open lower ahead of Fed rate hike decision
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Francis MascarenhasBENGALURU, Sept 21 (Reuters) - Indian shares are expected to open slightly lower on Wednesday, after two straight sessions of gains, as investors brace for a hefty rate hike from the U.S. Federal Reserve and clues on further hikes. Register now for FREE unlimited access to Reuters.com RegisterForeign investors bought a net $91.9 million worth of Indian equities on Tuesday, Refinitiv data showed. The Fed is set to announce its decision at the end of a two-day policy meeting later in the day. Rate futures traders are pricing in an 81% chance of a 75-basis-point hike and a 19% probability of a jumbo 100 bps increase. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Indian shares tread water ahead of Fed rate hike
▼ + stars: | 2022-09-21 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

REUTERS/Francis MascarenhasBENGALURU, Sept 21 (Reuters) - Indian shares swung between small gains and losses in volatile early trading on Wednesday ahead of an expected hefty interest rate hike by the U.S. Federal Reserve to tackle inflation. Rate futures traders are pricing in an 81% chance of a 75-basis-point (bps) hike and a 19% probability of a jumbo 100 bps increase. FEDWATCHRegister now for FREE unlimited access to Reuters.com Register"We need to wait and watch the outcome of the Fed even though a 75 bps rate hike is discounted by the markets," said Anita Gandhi, director at Arihant Capital Markets. read moreThe Nifty fast-moving consumer goods index (.NIFTYFMCG) was the top gainer among major sectors, rising 1%, while the bank index (.NSEBANK) was the top drag, falling 0.6%. Among stock, shares of Central Bank of India (CBI.NS) jumped as much as 15% after the Reserve Bank of India took the state-owned commercial bank off its prompt corrective action list.

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