May 19: Private carrier Jet Airways hasn’t yet pulled out of the race for acquiring Air India and its subsidiaries. According to reports, its priority would be to continue adopting the best for the company, not ruling out the possibilities for an attempt to grab stake of the state-owned carrier.
Jet Airways Chairman Naresh Goyal was quoted as saying by a news report that the company’s focus would be on enhancing its own business. He although didn’t rule out the possibility for Jet Airways looking up at the options to acquire Air India.
According to reports Goyal said he was not saying that Jet Air will not look at Air India. The company will always see what is the best approach ahead of it, and for the country. The comment follows the pullout of IndiGo airlines from Air India stake sale process. After having expressed interest in buying the loss-making airlines, IndiGo later said that it was no longer keen.
Speaking of the government move to privatize Air India, Goyal said that it was a brave decision from the government. He also said that the move will itself prove to be a good one eventually. The government decided to sell 76% of its stake in the national carrier after a taxpayer-funded bailout failed to stem losses.
The process will also see sale of 100% shares of Air India Express, the overseas budget carrier wing of Air India. As per the conditions, Air India and Air India Express will have to be purchased by the same buyer, while 50% of the shares of Air India’s ground-handling subsidiary will be sold separately.