Global aviation giants may not bite the government plan to offload its 49% stake in Air India without management control - or at least the freedom to run AI operations like the government allowed in the case of Maruti Suzuki in the initial years when Suzuki had no controlling stake in the company. Aviation analyst company CAPA said it expects significant interest from foreign airlines provided the terms and conditions for participation in the bids are fair and transparent. "Executing this complex transaction very effectively and within timelines and ring-fencing from potential disruption, including political, will be critical," CAPA's CEO for India and the Middle East, Kapil Kaul, said. CEO and founder of Air Deccan Capt. GR Gopinath puts the total valuation of Air India at about $10 billion (without the land), of which, about $5 billion may go to the government's kitty if an airline chooses to pick up 49% stake. "If the Centre acts with prudence and transparency and goes for a transparent tender process, it can actually get a far better valuation," he pointed out. The airline carries a debt of Rs. 52,000 crore on its books with losses amounting to Rs. 4,311 crore during 2015-16, though lower than the Rs 6,280 crore loss it incurred in the previous year. Gopinath also said "Air India should be allowed to be listed on the stock exchanges and have a large public holding. But it should not allow any individual business house to hold a major stake." The government release said that substantial ownership and effective control of Air India shall continue to be vested in an Indian national with the divestment expected to take place in another three to six months. With the latest decision, the government has placed Air India on par with private airlines where 49% equity from foreign airlines is allowed. After the government announced that it may privatize Air India, only Interglobe Aviation which runs IndiGo Airlines had expressed interest in picking up a stake in the national carrier. Gopinath said that the management of Air India should be allowed to retain employees it wants and let go the rest with a golden handshake from the government. He said that Air India has some very good assets and that it should be utilized well. "The airline has huge assets, grandfather rights and with a zero debt company with management control thrown in, any foreign airline would be keen to pick up equity," he said. Agreeing with Gopinath, CAPA's Kaul said that new investors should have reasonable flexibility to take commercial decisions on employee numbers and productivity over time, particularly for non-core roles. "The unions and employees of AI must strongly support this divestment as CAPA sees more jobs and growth in Air India," Kaul said. CAPA, in an earlier note, had called for cleaning up AI's balance sheet and had recommended that Air India Express and special business units such as Air India Engineering should be sold separately.