Air India bidding deadline extended again
The Indian government has once again extended the deadline for bid proposals for cash-strapped Air India.
Expressions of interest will still be taken up to June 30 as the continuing Covid-19 pandemic makes a sale less likely by the day.
It is the second time the deadline has been extended.
India’s Department of Investment and Public Asset Management said it was extended at the ‘request received from interested bidders in view of the prevailing situation arising out of Covid-19.’
It is the second time the government has tried to sell off the loss-making carrier.
It failed to get any serious bids last time and although it has since sweetened the deal by shifting some of the debt, the airline industry is right now in its most precarious situation ever.
Up for grabs is 100% stake in Air India and low cost unit AI Express, as well as 50% of ground handling joint venture AI-SATS.
Although the airline is bloated and burning through cash even before the Covid-19 crisis, it is the only Indian carrier with a fleet of long haul widebody aircraft and has lucrative slots in North America, Europe, Australia and across Asia.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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