Qatar Airways (QR, Doha Hamad International) would only be interested in acquiring Air India (AI, Delhi International) if the sale focusses exclusively on the state-owned carrier's core airline business, chief executive Akbar al Baker has said.
According to Live Mint, al Baker told a press conference on Tuesday, September 4, that his firm had no interests in Air India's ancillary services such as groundhandling and that any bid would be dependent on Qatar Airways teaming up with a strong local partner. Moreover, Air India's towering USD7 billion+ debt mountain would not be an issue.
“The (Air India) debt can be taken and restructured. The issue is with whom we will partner,” he said.
Al Baker also said the Qataris were reviewing their own previously announced plans to enter the Indian market either through their own carrier or via an existing one.
In the Q&A session, the CEO said that due to India's “confusing” foreign ownership rules, Qatar Airways could eventually opt to either team up with a local partner or follow through on long-held plans to acquire a 15-25% stake in IndiGo Airlines (6E, Delhi International) instead.
Under revised ownership rules, foreign sovereign wealth funds may own up to 100% of an Indian-flagged carrier although foreign carriers are still capped at 49%. Any investment requires government approval.
However, Al Baker said Qatar Airways' plans to acquire a minority stake in an unspecified local carrier were rejected given the Qatar Investment Authority (QIA) being Qatar Airways' majority owner.
