Global consulting firm Ernst and Young, on behalf of other players, has approached the company and Wadias have held discussions with them, market sources said.
When contacted, a spokesperson for the airline said: "E&Y has approached us on behalf of various buyers who are interested in buying a minority stake in GoAir."
Private equity investors who have evinced interest in GoAir have valued the airline at USD 400 million. Sources said the valuation figure has been tabled by investors during a recently held meeting with the Wadias. However, the Wadias have not made any firm decision with regard to the proposal from PE investors, sources added.
Earlier, GoAir's Managing Director Jeh Wadia had said that the airline has been receiving various equity proposals from PE investors and high networth individuals. The GoAir management has been considering these proposals, but a decision is yet to be arrived at on these discussions.
GoAir is also charting a major expansion plan and has started receiving the deliveries of the USD 1.2 billion order it had placed with Airbus last year. Two aircrafts were delivered at the end of 2007 and the company is currently considering a second deal for an additional 21 aircrafts.
It plans to have a fleet of 41 aircrafts by 2012, while the next delivery of its ordered aircraft is expected in the fourth quarter of the current financial year.
GoAir is a part of Wadias-led business conglomerate, whose group companies include Bombay Dyeing, Britannia Industries and Bombay Burmah Trading Corp, all of which have a market value between 300-900 million dollars.
It is the only low-fare airline based out of Mumbai, the country's financial capital and boasts of one of the highest load factors and market share per aircraft in the industry.
It is expecting to break-even by March 2008.
Among the listed firms, Jet Airways is the most valued with a market capitalisation of two billion dollars, followed by Deccan Aviation at just below one billion dollars. SpiceJet has a market cap of about 350 million dollars, while that of another listed firm Jagson Airline is just about 7 million dollar.
