Jehangir Wadia, son of Indian industrialist Nusli Wadia founded GoAir in 2005. The airline is a fully-owned subsidiary of the Wadia Group. It is a low-cost carrier based in Mumbai, India. GoAir commenced its operations on 4 November 2005 using an Airbus A320 aircraft and operated its maiden flight from Mumbai to Ahmedabad. Though, the airline initially operated to four destinations including Goa and Coimbatore with a single aircraft, it had plans to induct 36 aircraft by the year of 2008. They launched services for new destinations in North East and South India by the end of the year but with revised plans to operate 11 aircrafts as there was a significant increase in the price of fuel.      GoAir became the fifth largest airlines in India in terms of market share in April 2012, following the demise of Kingfisher Airlines. In 2013, investment bank JP Morgan was appointed by the airlines to scout for potential investors and other banking purposes. According to reports from the last year…