GoAirReuters File

Budget carrier GoAir will take the delivery of its first fuel efficient Airbus A320 neo aircraft this week. According to airline officials, the aircraft would be operational by next week.

The aircraft were supposed to be inducted into the fleet last month. As of now, Indigo airlines is the only operator of A320 neo in India. "Our first A320 neo (neo engine option) plane will be landing at the Indira Gandhi Airport in New Delhi on June 2, a GoAir official was quoted as saying by Press Trust of India.

With the addition of the new aircraft, the airlines fleet size will increase to 20, which would make it eligible to fly overseas. The Wadia group promoted budget carrier had placed an order for 72 new neo aircraft in June 2011. The price of the 72 aircraft was valued at Rs. 32,400 crore.

"GoAir plans to induct a total of eight A320 neo planes this fiscal of the 72 planes on order," the official quoted by PTI added.

According to aircraft manufacturer Airbus, the neo plane burns less fuel as compared to the other kinds of planes.

GoAir also plans to file a draft of its Initial Public Offering in the third quarter of the financial year 2016-17, CNBC-TV18 quoted sources as saying.

GoAir's enterprise value is fixed at Rs. 4,000 crore.

The Mumbai-based carrier may also raise about Rs. 1,000-1,200 crore through its IPO route and may sell 24 percent stake.

The government is reportedly planning to do away with the time frame of the 5/20 civil aviation rule, which means new airlines will not have to wait for five years to operate on international routes.