Dubai-based airline FlyDubai is exploring an entry into India’s domestic aviation market by collaborating with Busy Bee Airways to acquire Go First’s trademarks, licenses, and airport slots. Busy Bee, which first expressed interest in March 2024, is negotiating with creditors to secure the brand identity and digital assets of the now-bankrupt airline while avoiding its physical assets and land holdings. This move aims to revive Go First’s presence without taking on its financial burdens.
Busy Bee’s INR 1,000 crore bid is currently under review, awaiting National Company Law Appellate Tribunal (NCLAT) approval. FlyDubai, owned by Investment Corporation of Dubai (ICD), sees this as a strategic step toward strengthening its foothold in India’s growing aviation market. Notably, Busy Bee was founded by Pran Sathiadasan, FlyDubai’s Director of Commercial Operations for Southeast Asia, making this partnership a natural extension of FlyDubai’s regional ambitions.
India’s Foreign Direct Investment (FDI) regulations allow 100% foreign ownership in aviation, but government approval is required beyond 49% foreign investment. Since Non-Resident Indians (NRIs) can fully own airlines, this could provide an avenue for FlyDubai and Busy Bee’s collaboration to materialize smoothly. The revival of Go First’s brand under new leadership could enhance competition and connectivity in India’s aviation sector.
With India’s air travel demand surging, this acquisition presents a significant growth opportunity. If successful, FlyDubai and Busy Bee could reshape India’s aviation landscape, offering new travel options and improved regional connectivity. However, competition, regulatory approvals, and financial negotiations will determine the final outcome of this ambitious expansion plan.