Dubai-based low-cost carrier FlyDubai is considering its foray into India’s domestic aviation market through Busy Bee Airways, which is negotiating to acquire bankrupt carrier Go First.
According to reports, Busy Bee has contacted Go First’s Committee of Creditors (CoC) to acquire its flying licence, trademarks, and airport slots. Busy Bee is not, though, seeking Go First’s real assets such as its plot of land in Mumbai’s Thane.
A senior bank representative negotiating on behalf of Busy Bee indicated that Busy Bee is most keen on assuming control of Go First’s operational rights and branding value but is not interested in its assets.
Who Owns FlyDubai and Busy Bee?
FlyDubai is controlled by Dubai Aviation Corporation, itself controlled by the Investment Corporation of Dubai (ICD), the sovereign wealth fund of the UAE government.
Busy Bee Airways was initiated by Pran Sathiadasan, FlyDubai’s Commercial Operations Director of Southeast Asia, in April of 2017. FlyDubai is reported to be part of a group of airlines that is negotiating to operate together on behalf of a new domestic carrier within India under the branding of Go First.
FDI Rules in Indian Aviation
Under India’s Foreign Direct Investment (FDI) policy,
- 100% FDI is allowed in Scheduled Air Transport Services and Domestic Scheduled Passenger Airlines.
- Up to 49% is permitted through the automatic route.
- Beyond 49% requires government approval.
- For Non-Resident Indians (NRIs), 100% FDI is allowed under the automatic route.
Experts believe that reviving legacy airline brands like Go First will strengthen India’s aviation industry, providing better connectivity and increased competition.
Busy Bee’s Bid for Go First
Busy Bee has offered to buy Go First’s trademarks and licenses for ₹1,000 crore. Go First, though, has been shut down since May 2023 after it declared itself bankrupt.
In January 2025, liquidation of Go First had been ordered by the National Company Law Tribunal (NCLT), after its flights had ceased to operate. However, Busy Bee has filed a proposal to rehabilitate Go First with the National Company Law Appellate Tribunal (NCLAT).
Busy Bee’s move is followed by EaseMyTrip’s former CEO Nishant Pitti’s identical Rs1,800 crore proposal to acquire Go First’s intellectual properties.
Pitti, who stepped down as EaseMyTrip CEO in 2024, had previously stated that his decision to acquire Go First had been prompted by his vision of leveraging India’s growing aviation business.
Busy Bee is negotiating with domestic players as well as global players to consolidate its market share within India. The possible alliance with FlyDubai can tap into considerable market share, considering that there is increasing demand for aviation within India.
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Source: Moneycontrol.
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