Buyers of Air India, BPCL won’t get free hand to shed excess staff: DIPAM secretary
NEW DELHI : Buyers of loss-making airline Air India and oil firm Bharat Petroleum Corporation Ltd (BPCL) will not get a free hand to shed excess workforce as the government will build in certain protection to employees in the share sale agreement, DIPAM Secretary Tuhin Kanta Pandey said.
Public sector companies often have more people on rolls than their private sector counterparts and companies wanting to take them over would likely right-size them to remove inefficiencies.
In an interview with PTI, the Secretary of the Department of Investment and Public Asset Management (DIPAM) said the government will follow a two-stage bidding process for selling its entire holding in Air India and BPCL.
