New Delhi opens bid for 100% stake in Air India
Founded in 1932, Air India was once affectionately known as the ‘Maharaja of the skies’. It has been bleeding money for more than a decade, and has lost market share to low-cost rivals. – EPA pic, January 27, 2020.
NEW Delhi intends to sell its entire stake in debt-crippled national carrier Air India, the government announced today, after previously failing to secure any bids for a majority share. The airline, which owes more than U$8 billion , has been struggling to pay salaries and buy fuel, with officials recently warning that it will have to shut down unless a buyer is found.
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