India gets bids for sale of Air India.

The Indian finance ministry said on Wednesday that the debt-laden state-run airline Air India has received financial bids for its privatisation process.

“Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage”, Tuhin Kanta Pandey, secretary, Department of Investment and Public Asset Management, said in a tweet.

See also: Jet Airways announces will resume operations in 2022.

The government will soon announce the floor price for the sale of Air India, a senior government source, who declined to be identified, told Reuters.

India’s Tata Sons said it had submitted a bid for Air India, while local media reported that SpiceJet also submitted a bid.

Prime Minister Narendra Modi’s government has renewed a push to sell its entire interest in the loss-making airline, which has been kept aloft by a bailout since 2012.

The government loses nearly 200 million rupees every day to run the national carrier, which has accumulated losses of over 700 billion rupees ($9.53 billion), officials said.

Photo: MitRebuad/Wikimedia

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