Business

No Bidders for Air India Stake Sale The deadline to submit bids for Air India expired without a single expression of interest

@otuslive

THE Indian government’s plan to privatise its flag carrier Air India has hit a block as the deadline to submit interest expired at 5 pm without a single expression of interest.

The government had announced a plan in March to shed 76% stake in the debt-laden and loss-making national carrier and included full management control and nearly half the debt.

Prime Minister Narendra Modi has set an ambitious target of stake sales to meet its fiscal deficit target and fund its welfare plans ahead of the general elections in 2019. Air India was expected to contribute significantly to that kitty post the sale.

Some say the government may now either extend the deadline or tweak some conditions before initiating the process again.

#AirIndia: WHAT THEY SAID

Subramanian Swamy on the process

Government reacts

Civil Aviation Secretary comments

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