With No Takers For Debt-Ridden Air India, Anand Mahindra Has A Proposal To Turn It's Fate Around
The Narendra Modi governments efforts to dis-invest Air India and privatise it suffered a major setback on Thursday as on the deadline to submit expression of interest EoI there was no bidders. Reacting to the development Anand Mahindra said that this Air India sale is now a matter of national pride. He argued that the new CEO should be given full autonomy with a target horizon for a turnaround.
The Narendra Modi government's efforts to dis-invest Air India and privatise it, suffered a major setback on Thursday, as on the deadline to submit expression of interest (EoI) there was no bidders.
"As informed by the transaction adviser, no response has been received for the Expression of Interest floated for the strategic disinvestment of Air India," the Civil Aviation Ministry said in a tweet. "Further course of action will be decided appropriately," it added.
Reacting to the development Anand Mahindra, the Executive Chairman of Mahindra Group said that this (Air India sale) is now a matter of national pride.
In a series of tweets Mahindra said, "I think that zero interest in the sale has demonstrated to the people that tough action towards a turnaround is needed. There will be widespread support for swift & decisive action. This is a political opportunity."
BCCL/File
Calling it a matter of national pride, Mahindra said, it was time to turn a crisis into opportunity.
He also listed a five-point agenda to prepare Air India for a sale.
According to him, Air India can be sold only after a turnaround. For that he suggested the government should locate and appoint an official with the potential and passion of Metro Man E Sreedharan as Chairman and CEO of the national carrier.
He argued that the new CEO should be given full autonomy with a target horizon for a turnaround.
Mahindra said that the government must "Provide the chairman complete insulation from political pressure," adding, "Provide full moral support to the chairman for all tough measure that will be required."
Yes, I quipped then,but this is now a matter of national pride.Time to turn a crisis into opportunity 1)Resolve that a sale will be made,but only after a turnaround 2)Locate&appoint a Govt official with the potential & passion of an E.Sreedharan as Chairman&CEO.. (1/2) https://t.co/8QZPxhrnPu
¡ª anand mahindra (@anandmahindra) June 1, 2018
#AirIndia 3) Provide FULL autonomy to the Chairman & CEO with a target horizon for a turnaround. 4) Provide the Chairman COMPLETE insulation from political pressure 5) Provide FULL moral support to the Chairman for all tough measures that will be required (2/2)
¡ª anand mahindra (@anandmahindra) June 1, 2018
Bobins Abraham is the Assistant News Editor at Indiatimes. He has more than twelve years of experience in TV and digital journalism. An avid student of history and geopolitics, he is a conservationist and environmentalist at heart. He writes on environment, sustainability, human-animal conflict and more.
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