Indian government now mulling public listing for Air India
After failing to snag any bidders to buy India’s ailing national carrier, the India government is mulling a Plan B.
It could go down the route of listing the airline on the markets, which is one proposal being looked at.
The Air India Specific Alternate Mechanism committee was set up to evaluate other options after the flawed bidding process garnered no interested parties.
"Various options would be presented to the ministerial panel to take the disinvestment process forward. The option of putting the stake sale plan on hold could also be there," a government official told the media
Proposals are due to be considered at a meeting next week.
The government tried to sell 76% of its stake in Air India which included transferring management control to the winning bidder
However certain conditions including taking on some debt made it a non-starter for several initially interested entities.
Air India’s multi-billion dollar debt would normally prevent a listing at this time, but analysts say this can be circumnavigated as the government is the majority shareholder.
According to sources cited in the media, the government may still pursue a tender for bidders and will likely sweeten the deal by reducing the debt a buyer would have to take on.
"We will take a decision in the next few days on changing conditions before inviting fresh bids," an official said.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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