Pvt sector should not be bailed out: Rahul Bajaj on Kingfisher
Last Updated: Sunday, November 13, 2011 - 17:51
Mumbai: Amid debt-ridden Kingfisher Airlines seeking Government assistance, Bajaj Auto chief Rahul Bajaj on Sunday said private sector should not be bailed out and "those who die must die".
"I am proud private sector man and I don't see any logic of bailing out any private sector company either for sake of employees or customers," Bajaj told a news channel.
"If Bajaj auto gets into a mess, would you bail me out," he asked, adding, "If it's a free market economy, those who die must die."
His comments come in the wake of Kingfisher Chairman Vijay Mallya seeking government help to stay afloat and Civil Aviation Minister Vyalar Ravi having stated that he would talk to the Finance Ministry to see whether banks and oil firms could provide some relief to the cash-strapped airline.
The airline has suffered a loss of Rs 1,027 crore in 2010-11 and has a mounting debt of Rs 7,057.08 crore.
The beleaguered airline has cancelled 210 flights since Monday, due to factors like increased costs.
Bajaj even voiced his displeasure over Government's help to national air carrier Air India and said that it should be privatised.
"I am not even in favour of what's being done for Air India... Air India should be privatised, sold off or closed. It is taxpayers' money going down the drain," he said.
However, Bajaj was on the same plane with Mallya over high taxes in the aviation sector being a spoilsport.
"The aviation sector is very highly taxed. We need to relook at taxation. All airlines are in losses, everyone can't be inefficient," he said.
First Published: Sunday, November 13, 2011 - 17:51