Questions for 2020: Air India, BPCL get sold?

The airline will be tough to sell, unlike the energy giant. GoI is very likely to privatise BPCLNSE -1.27 % in the new year. This will be a decisive step forward in its reform agenda and meet a significant chunk of its disinvestment target. The company offers foreign energy majors easy entry into the lucrative refining and retailing market of a huge energy consuming country.

The process has already gained momentum with the appointment of Deloitte as advisor for the strategic sale. The only obstacle now is employee resistance. But unions are sounding less hostile than they initially did.

Air India is a different story, in terms of being less attractive to investors because of gross mismanagement and heavy losses for years.