India decides not to immediately revive Air India sale plan - Bloomberg

Mumbai: India has virtually abandoned a plan to sell its ailing state carrier Air India after failing to attract buyers, Bloomberg reported on Tuesday, citing people familiar with the matter.

The Indian government plans to focus on improving the carrier’s operations and selling its building in Mumbai, ground handling and aircraft maintenance units, according to the report.

The government in March finalised plans to divest a majority stake in Air India and offload about $5.1 billion of its debt, but prospective buyers stayed away, with some citing onerous terms as a reason for their lack of interest.

Air India and the Indian government could not be reached for comment outside business hours.

-Source: News Agency