Wednesday, June 13, 2018

Government back to square one on flag carrier Air India sale

India will soon revive the sale of its money-losing flag carrier Air India with new guidelines after a recent attempt ended in a debacle last month, as the proposed terms deterred potential investors. Prime Minister Narendra Modi’s administration is ready to “re-examine” 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’t intend to insist on keeping 24% of the company, he said. “A certain kind of strategy was offered that didn’t find many takers and therefore something different will have to be done,” economic affairs secretary Garg said in an interview in New Delhi on Monday. “There’s no fixed objective that government should have 24 percent. It can be re-examined.”
13/06/18 Deborshi Chaki, Rhik Kundu/Deal Streat Asia