Mahindra Group Chief Anand Mahindra has ruled out the possibility of his company buying the beleaguered national carrier – Air India. The government had yesterday announced that it would privatise the debt-ridden airline.
“I see myself as a generally courageous person. But I confess I don’t possess that much courage,” Mahindra responded to a query whether his group will invest in Air India.
Some reports speculated that the Tata Group, which owned Air India before it was nationalised 70 years ago, may put in money in the airline which is struggling to survive under Rs. 52, 000 crore debt.
Civil Aviation Minister Ashok Gajapati Raju described the decision to privatise Air India as a difficult one.
“Informally, we have understood that there are lot of people showing interest in buying Air India. The whole exercise is going to be very interesting. Let us see what emerges,” Raju said when asked about Tata Group showing interest in buying Air India.
“Disinvestment call of Air India was not easy. It was a difficult decision. However, it was necessary for Air India’s survival. I want Air India to become a great airline,” Raju added.
Union Finance Minister Arun Jaitley had said yesterday that the government has given ‘in-principle approval for Air India disinvestment.’
However, the Minister did not divulge any time frame for the formation of the group or the submission of a final report by the panel which will be formed to look at the quantum of stakesale.
Jaitley said that the members of the panel will be decided by the Prime Minister.
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