No sign of bailout from govt yet, GoAir promoters tell employees

The low-cost airline has sent 90% of its employees on leave without pay till 4 May

Wadia group promoters Nusli Wadia and son Jeh said there have been no signs of help from the Centre and banks to bail out the aviation sector. The Wadia group owns low-cost airline GoAir, which has sent 90 per cent of its employees on leave without pay till May 4.

The group stated this in a letter to the airlines’ employees on May 3. In the past, the Wadias had pledged shares worth Rs 80 crore, held by a group company, to raise debt for GoAir. It has also provided a corporate guarantee of Rs 500 crore for working capital limits