Suresh Prabhu says Air India sale bid was ill-timed

Mumbai: Admitting that the attempt to privatise the loss-making was ill-timed, aviation minister Friday said the airline cannot make profit unless the issues around its high financial cost are dealt with.

Notably, government failed to get a suitor for the flag carrier early this year after working on the plan for nearly a year.

“Basically the timing (of ) was wrong. That is the time when the global airline industry was also not doing well,” Prabhu said at an award function organized by news portal Moneycontrol here late this evening.

He also said the airline cannot make profit unless “we deal with this financial cost problem.”

The minister, however, said for the first time government “sincerely and genuinely” tried to offer Air India ownership to private players.

“First time we made serious efforts to sell it in a transparent manner. There was a lot of discussion with a lot of stakeholders but the stake sale did not go through. We can sell only if we have a buyer,” he said.
29/11/18 EN Bulletin

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