Changing tracks helps. But, not taking the beaten path isn’t always helpful. This is the story of two of India’s biggest privatisations – Air India and Bharat Petroleum (BPCL).
Nearly two decades after the last privatisation, a landmark divestment concluded this year when the loss-making national carrier Air India was sold to the Tatas. This was made possible only after the government changed the track from selling 76 per cent of its stake in the national carrier to putting on block its entire 100 per cent holding as well as giving bidders an option of deciding how much debt they were willing to take over.
