India to invite initial bids for Air India stake sale in next couple of weeks

India will invite initial bids for a stake sale in Air India in the next couple of weeks, Civil Aviation secretary Rajiv Choubey said Thursday. Prime minister Narendra Modi's cabinet gave the go-ahead last year to sell the carrier, after successive govts spent billions of dollars in recent years to keep it solvent. However, the govt has yet to decide on what to do with the carrier's debt burden of US$8.5b. Companies including IndiGo, Tata Group and Turkey's Celebi Aviation Holdings, have expressed an interest in buying some of Air India's businesses. A committee of ministers is in charge of the divestment process and has hired Rothschild and Ernst & Young as consultants. The govt is considering splitting up Air India's various businesses before offering it for sale to make it attractive to potential buyers. <br/>