Pinnacle Air: Sole Bidder to Revive Future Retail Group’s Travel Retail Business
New Delhi (India), May 23: Pinnacle Air has emerged as the sole bidder for the Travel retail business of Future Retail Group, which operates 85 stores under the WHSMITH brand. Unlike other bidders, Pinnacle Air has proposed a plan focused on reviving the business, while other bidders have suggested liquidation options.
According to industry sources, Capt. Saraf, an aviation industry veteran, and his team are set to take over the company. Their plan aims not only to revive the business but also to safeguard 707 jobs that are at stake.
Pinnacle Air, with its extensive experience in the aviation business, has a track record of running Non-Schedule Airlines, Aircraft Leasing, MRO (Maintenance, Repair, and Overhaul), and Airport Lounge Operations. Their proven expertise in managing complex businesses sets them apart in this bidding process.
Other bidders, including Palgun Tech, Lehar Solutions, Sarvbishtha E-Waste Mgmt, and Goodwill Furniture, have proposed plans to sell Future Retail’s assets piecemeal. Pinnacle Air, on the other hand, seeks to retain and revitalize the business as a whole.
Under the Insolvency and Bankruptcy Code, the primary objective is to ensure the survival and revival of distressed companies. Pinnacle Air’s bid aligns with this goal, focusing on both the business’s future success and the preservation of jobs.
Capt. Sandeep Saraf, the promoter of Pinnacle Air Private Limited, emphasized the need for more entrepreneurs to step in during times of crisis. He noted that the aviation industry is facing a rough patch, and businesses like Pinnacle Air’s initiative are essential to prevent job losses and provide much-needed support to stressed companies.
Pinnacle Air’s plan includes making a significant upfront payment to creditors and assuming the current and contingent liabilities of Future Retail Group, signaling their commitment to turning the business around.
Rajneesh Singh is a journalist at Asian News, specializing in entertainment, culture, international affairs, and financial technology. With a keen eye for the latest trends and developments, he delivers fresh, insightful perspectives to his audience. Rajneesh’s passion for storytelling and thorough reporting has established him as a trusted voice in the industry.
