The government will soon revive the sale of its money-losing flag carrier with new guidelines after a recent attempt ended in a debacle last month, as the proposed terms deterred potential investors.<\/p>\n
Prime Minister Narendra Modi\u2019s administration is ready to \u201cre-examine\u201d its privatisation process, including a clause requiring a minority state stake in Air India Ltd., said Subhash Chandra Garg, a senior official in the Ministry of Finance. The government is considering various options and doesn\u2019t intend to insist on keeping 24%of the company, he said.<\/p>\n
\u201cA certain kind of strategy was offered that didn\u2019t find many takers and therefore something different will have to be done,\u201d economic affairs secretary Garg said in an interview in New Delhi on Monday. \u201cThere\u2019s no fixed objective that government should have 24%. It can be re-examined.\u201d<\/p>\n
Modi\u2019s most high-profile privatisation plan ended in a whimper on May 31 as a deadline for prospective suitors passed by with none showing interest in the airline mired in almost $8 billion of debt. IndiGo, the nation\u2019s biggest carrier, initially said it was keen but pulled out after the government made it clear it wasn\u2019t selling Air India\u2019s international operations separately.<\/p>\n
While policy makers viewed the condition for a government stake as a \u201cconfidence building measure,\u201d it was cited as one of the reasons for the lack of bids, Garg said.<\/p>\n
The state retaining a stake in the airline already expected to lose as much as $2 billion over the next two financial years left open the \u201cprospect of political interference on strategic and day-to-day matters,\u201d the Sydney-based CAPA Centre for Aviation said this month.<\/p>\n","protected":false},"excerpt":{"rendered":"
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