The Indian government, which has failed to woo even a single suitor for its loss-laden national carrier, Air India, has started clearing the decks to launch the sale again after sweetening the stringent terms, which put potential buyers to flight.
With the humiliating fiasco blotting Prime Minister Narendra Modi’s copybook ahead of the general elections next year, the administration is now bent on finding the highest bidder by August and wash its hands of the 86-year-old ailing airline by December.
The civil aviation ministry has asked the transaction advisor for the sale process to find out the reasons why the move to sell 76 percent of the equity stake of the government in Air India could not attract Indian or foreign buyers.
Air India is being kept afloat with taxpayers’ money. (Supplied)
According to civil aviation minister Suresh Prabhu, the inputs of both these advisors will be then taken to the Air India Specific Alternate Mechanism comprising ministers of civil aviation, finance, and road transport for determining the final floor price below which the flagship carrier will not be sold.
Loss-laden Air India boasts a fleet of 130 Boeing and Airbus aircraft. (Supplied)