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Pvt sector should not be bailed out: Rahul Bajaj on Kingfisher

Pvt sector should not be bailed out: Rahul Bajaj on Kingfisher
PTI
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First Published: Sun, Nov 13 2011. 05 25 PM IST

A file photo of Bajaj Auto chief Rahul Bajaj .
A file photo of Bajaj Auto chief Rahul Bajaj .
Updated: Sun, Nov 13 2011. 05 25 PM IST
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”.
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A file photo of Bajaj Auto chief Rahul Bajaj .
“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 news channel NDTV.
“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 Rs1,027 crore in 2010-11 and has a mounting debt of Rs7,057.08 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 privatized.
“I am not even in favour of what’s being done for Air India... Air India should be privatized, 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.
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First Published: Sun, Nov 13 2011. 05 25 PM IST