Air India stake sale; no bids so far; no extension planned

The deadline for receiving bids has already been extended once to May 31 from May 14.

With Air India stake sale not receiving any bids so far, the central government has now reiterated that there is no plan to extend the bidding process.

The Civil Aviation secretary confirmed that there has not been any bid so far for stake sale in state-run carrier Air India.

The deadline for receiving bids has already been extended once to May 31 from May 14.

Prime Minister Narendra Modi’s government, keen to sell the loss-making, debt-ridden airline.

In its initial terms the government said the winning bidder cannot merge the airline with existing businesses as long as the government holds a stake.

The winner may also be required to list Air India and would need to abide by rules set to safeguard employee interests, restricting its ability to cut staff.

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