Govt to review Air India deal after sale plan flops

June 01, 2018 14:30

Prime Minister Narendra Modis government will review plans to sell Air India after his administrations most high-profile privatisation offer ended in a whimper with no buyers showing interest in the unprofitable flag carrier.

The government will make changes to the plan, if needed, economic affairs secretary Subhash Chandra Garg said. As the deadline to show preliminary interest expired Thursday, no bidder came forward to propose purchasing 76% of Air India Ltd., which was offered along with $5 billion debt, Aviation Secretary RN Choubey told reporters in New Delhi. The process for the next steps will start in two weeks, he said.

We were certainly looking forward to better participation than this, he said.

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