From WSJopinion: The acquisition of Air India promises to shake up India’s aviation market, once one of the fastest-growing in the world. But the real significance is political, writes dhume.
When he first emerged as a contender for national office in 2013, Narendra Modi proclaimed that “the government has no business doing business.” After more than seven years as India’s prime minister, he has finally begun to deliver on that promise.
Earlier this month, New Delhi announced India’s most significant privatization to date: Tata Sons, the holding company of the $103 billion salt-to-software conglomerate Tata Group, has bought the perennially money-losing national carrier, Air India, for $2.4 billion, which includes $2 billion of the airline’s $8.2 billion in accumulated debt.
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