File photo. Photograph:( Reuters )
The government has not received any bids so far for its stake in state-run carrier Air India, the civil aviation secretary told TV channels, a day before the formal bidding process closes.
The government will not extend the deadline for submissions of interest in Air India, R.N. 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 per cent stake and offload about $5.1 billion (3.8 billion pounds) of its debt.
The government is planning to divest a 76 per cent stake in the loss-making state-owned carrier, which has reportedly been laden with debts running into thousands of crores.
After the terms were disclosed, no company has come forward to say it is interesting or to reaffirm previous interest.
Jet Airways and rival IndiGo, owned by InterGlobe Aviation, have already opted out of the race.
(With inputs from Agencies)