A johnny-come-lately in the sky

Many businesses are set up in downturns and often the best deals are struck in troubled times

Tumultuous events can at times result in unexpected outcomes. The pandemic that has changed the very DNA of the aviation industry globally has led to many airlines declaring bankruptcy and an equal number of bailouts by governments. 

In India, too, players have been scrambling to survive: India’s largest private player cut salaries, costs and raised a large sum of money through a qualified institutional placement; Go First tried to reinvent itself and raise funds from the market — a move that appears to have failed so far; and SpiceJet is now trying to raise money and hiving off its cargo wing.