Outsiders call Ajay Singh the dark horse that could walk away with the loss-making state-owned carrier.
Dhirendra Tripathi@dtrips
Reams have been published on the role Ajay Singh played in ‘Abki Baar Modi Sarkaar’ – the slogan that has few parallels. He followed up with another success -- one that enriched him personally as well -- returning in 2015 to take over SpiceJet, and how. It’s then natural that his name comes up every time the list of potential bidders for Air India is discussed, notwithstanding his umpteen denials in bidding for the airline.
Talk to outsiders, and they all point to Singh as the dark horse that could walk away with the loss-making state-owned carrier that still carries some jewels -- read international routes. Singh’s vehement and unwavering denials notwithstanding, it’s his proximity to powers that is the reason behind his name always lurking around in all discussions surrounding Air India disinvestment.
Here in Hyderabad on the inauguration of ‘Wings’ -- a four-day annual jamboree on India’s aviation sector -- Singh’s astute understanding of the country’s political cauldron comes to the surface now and then. Known to be close to the country’s ruling party, he measures his words but betrays his mind on the 2019 elections.
The promoter-turned-saviour, and current Chairman and Managing Director of SpiceJet is constantly interrupted by calls on his mobile during the interview with Moneycontrol and it’s getting him angry, a business matter not going entirely his way it seems. So we are quickly on Air India. This time, he expands a bit on why there is little chance he would bid for Air India.
“What happens to the aircraft that they probably bought at a price which is higher than normal? What happens to engineering contracts which perhaps could be at a price which could be much higher than what you would commercially pay today? What’s going to be the status of employees, the ones that may not be as useful for the corporation anymore? It’s too large a gamble for a company like SpiceJet. It’s a fantastic asset for somebody who can play a long game,” he says.
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