Air India disinvestment: Why 'Maharaja' found no takers and what it means for government

印度航空公司亏损：为什么“昔日骄子”找不到买家，这对政府意味着什么

NEW DELHI: As widely expected, debt-laden state-owned carrier Air India failed to attract any bids for its sale. As the clock ticked past 5pm on Thursday - the deadline to submit bids, the civil aviation ministry tweeted the confirmation.

新德里：正如人们普遍预期的那样，负债累累的国有航空公司印度航空未能吸引到任何竞购。周四下午5点多钟，也就是提交投标的最后期限，民航部在推特上发布了这一确认消息。

As informed by the Transaction Adviser, no response has been received for the Expression of Interest floated for th…

— Ministry of Civil Aviation (@MoCA_GoI) 1527768914000

接到交易顾问的通知，没有收到收购意向…

-民航部(@MoCA_GoI) 1527768914000

Despite putting out clarifications for as many as 160 questions from ‘interested bidders', why didn't anybody want to own the ‘Maharaja of the skies’? Here are some of the plausible reasons:

尽管对“感兴趣的投标者”提出的多达160个问题作出了澄清，但为什么没有人想拥有“天空之王”? 以下是一些看似合理的原因：

The government offered to sell 76 per cent of Air India. Having government, even as a minority (24%) shareholder, keeps a door open for interference

政府出售印度航空76%的股份。政府即使作为少数股东(24%)，也为了政府的干预留下隐患

2) Of Air India’s total Rs 48,781 crore debt, bidders will have to take over debt of Rs 33,392 crore

2)在印度航空公司的4878.1亿卢比债务中，竞购者必须接手3339.2亿卢比

3) 40 per cent of AI’s 27,000 employees are permanent staff which means a huge financial burden

3)印度航空2.7万名员工中，40%是永久编制员工，这意味着巨大的财务负担

4) Air India's domestic market share has shrunk from nearly 20 per cent in 2010 to 13 per cent now

4)印度航空公司的国内市场份额已从2010年的近20%降至现在的13%

5) The flyer has accumulated losses of Rs 46,805 crore and most of its revenue goes in interest payments

5)航空累计亏损4680.5亿卢比，大部分收入用于支付利息

6) The prime real estate that the carrier owns is not part of the deal

6)航空公司所拥有的优质房地产不参与交易

7) Political uncertainty due to general elections in less than a year's time

7)大选将在不到一年内进行，会产生政治不确定性

How the flop show can hurt the government

这次失败会对政府造成怎样的伤害

In his budget speech, the Finance Minister Arun Jaitley ( Piyush Goyal is currently in charge of finance ministry till Jaitley recuperates from a kidney transplant), set the divestment target for the financial year 2018-19 at Rs 80,000 crore. The sale of Air India was supposed to be a major contributor towards achieving this goal. While the government had not set any minimum price, banking sources told news agency Reuters that the government hoped to fetch an amount between Rs 8,000 to Rs 10,000 crore from the sale.

财政部长阿伦·贾特里（在贾特里从肾脏移植手术中康复前，皮育什高耶尔代为行使财务部长的职责）在他的预算讲话中，将2018-19财年资产转让的目标定为8000亿卢比。印度航空公司的出售本应是实现这一目标的主要构成部分。尽管政府没有设定最低价格，但银行业消息人士对路透表示，政府希望从股权出售中获得800至1000亿卢比的收益。

Selling the state-run carrier had been seen as key to PM Modi’s plans to divest assets and help keep the fiscal deficit at 3.3 per cent of GDP, a goal already under pressure due to farm loans and other welfare benefits announced by the government ahead of the 2019 general election.

该国有航空公司的出售一直被视为莫迪资产转让计划中的关键，有助于让财政赤字维持在占GDP的3.3%水平，这一目标由于政府在2019年大选前宣布的农业贷款和其他社会福利已经承压。

News agency Bloomberg termed the failure as a setback to PM Modi’s reformist image with the government now stuck with an enterprise that has survived on taxpayer money for the past decade.

新闻机构彭博社称，此次收购失败对莫迪总理改革形象造成影响，印度政府现在无法摆脱这家在过去十年间一直靠着纳税人的钱苟延存活的企业。

印度时报读者的评论：

来源：http://www.santaihu.com/45144.html

外文：https://timesofindia.indiatimes.com

A Singh

12843

A Singh-14 hours ago

If the Govt cannot handle Air India , give it for free for to the original promoter.

如果政府搞不定印度航空公司，那请免费还给初始发起人吧。

Souvik Ghosh Dastidar

19495

Souvik-Kolkata-20 hours ago-Follow

It means bye bye Modi @ 2019. It means Modi governance = Failure and Big ZERO.

这意味着2019年大选莫迪没戏了。这意味着莫迪的治理=失败和大写的0。

Venkat

16419

Venkat-15 hours ago-Follow

Govt should reduce the debt include land assets and dismantle all unions,retrench staff to make it viable for acquisition.

政府应减少企业债务，含括土地资产，解散所有工会，裁减员工，促成收购。

Ranjan Thimpu

10754

Ranjan Thimpu-14 hours ago-Follow

People are ready to BY AI but not the Staff which is non performing Asset got in through reservation Policies not on performance. Paid more than then they do work.

人们已经准备好收购印度航空了，但员工不是企业良性资产，这些员工是通过预留制而不是绩效制度进入企业的。他们的工资超出了他们的工作表现。

Ibrahim Abedi Ibrahim-Mumbai-13 hours ago-Follow

Muslims ruled this country for 700 years with 27 %. Of world GDP. And today beggars and looters are ruling India chanting Bharat Mata ki jai....

msl统治这个国家700年，占全球GDP的27%。可现在，乞丐和掠夺者统治着印度，还一边高呼印度之母万岁

Chalu Pande

8060

Chalu-Earth-13 hours ago-Follow

it means, government is full of stupid people..don't know how to value and package a loss making business to sale..

这意味着，政府里到处都是愚蠢的人。不知道如何对亏本买卖进行估价和包装。

Swastika

1254

Swastika-13 hours ago-Follow

We''ll be happy if Modi chooses Air India one less and travels on an economy class ticket for his foreign sojourns.

如果莫迪少搭乘印度航空公司的飞机，坐经济舱出国旅行，我们会很高兴的。