Two months after India’s attempt to sell off Air India came to a naught, the government has finally revealed the reasons for its failure.
Among other factors, the government’s refusal to cede full control of the organisation resulted in the stake-sale not taking off, parliament was informed on Aug. 01. These findings were part of a report submitted in June by management consulting firm EY, which was appointed to advise the government on the transaction.
In March, the government invited buyers for a 76% stake in Air India. Sweetening the deal, it offered full management control and just half of its around Rs52,000 crore debt. Yet, there were no takers. The bidding process ended on May 31.
02/08/18 Nupur Anand/Quartz India
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Among other factors, the government’s refusal to cede full control of the organisation resulted in the stake-sale not taking off, parliament was informed on Aug. 01. These findings were part of a report submitted in June by management consulting firm EY, which was appointed to advise the government on the transaction.
In March, the government invited buyers for a 76% stake in Air India. Sweetening the deal, it offered full management control and just half of its around Rs52,000 crore debt. Yet, there were no takers. The bidding process ended on May 31.
02/08/18 Nupur Anand/Quartz India
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