- Government hasn't received any bids for its stake in Air India: official
- The deadline for the formal bidding process ends tomorrow
- The government will not extend deadline, the aviation secretary said
The government will not extend the deadline for submissions of interest in Air India, RN Choubey said on Wednesday. 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, finalised plans in late March to divest a 76 percent stake and offload about $5.1 billion of its debt.
After the terms were disclosed, no company has come forward to say it is interested or to reaffirm previous interest, while Jet Airways and rival IndiGo, owned by InterGlobe Aviation, have already publicly opted out of the race.
In April, sources told Reuters that India's steel-to-autos conglomerate Tata Group, widely seen as a potential suitor for Air India, is also unlikely to consider a bid for the state-run carrier as the government's terms are too onerous. Tata Group has not issued an official statement yet.
The civil aviation ministry had earlier made public 160 queries it had received from interested bidders seeking clarity on the initial terms. These were mainly about the impact of the government's decision to hold a 24 percent stake, the make-up of the airline's debt and liabilities, its latest financial performance and workforce.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
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