(LiveMint)
The government is open to changing some of the restrictive conditions laid out in the terms of sale for state-run Air India if it finds that investor interest in the asset is lukewarm after the 14 May deadline for submission of initial bids.
Prior to that, there will be no change to the terms of sale based on claims by companies opting out of the race for the national carrier, according to a government official who spoke on condition of anonymity.
Also, in the event of a material change in conditions, those who have not thrown their hat in the ring before the original deadline will get a fresh chance, the official said. The idea of going purely by the actual bids received rather than the posturing by potential investors is to make sure the disinvestment in Air India is truly a market-driven process.
Despite Jet Airways (India) Ltd stating it is not participating in the transaction and InterGlobe Aviation Ltd, the operator of IndiGo airline, saying it has no capability to successfully turn around Air India, the government believes the offer will eventually generate sufficient interest.
