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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, said Subhash Chandra Garg, Secretary, department of economic affairs. The government is considering various options and doesn’t intend to insist on keeping 24 per cent 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,” Garg said in an interview in New Delhi on Monday. “There’s no fixed objective that government should have 24 per cent. It can be re-examined.”
Modi’s 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 debt of more than Rs 50,000 crore. IndiGo, the nation’s biggest carrier, initially said it was keen but pulled out after the government made it clear it wasn’t selling Air India’s international operations separately.
While policy-makers viewed the condition for a government stake as a “confidence building measure,” it was cited as one of the reasons for the lack of bids, Garg said.
Air India, which was offered along with above Rs 33,000 crore of its debt, is surviving on taxpayer bailouts after losing money for years. Previous attempts by the Indian government to dispose of the carrier were derailed by political opposition.