India extends deadline to receive initial bids for Air India

India has extended the deadline to receive initial bids for Air India to May 31 from May 14, according to a notification issued by the Ministry of Civil Aviation Tuesday. India will announce the qualified bidders for the beleaguered airline June 15. Prime minister Narendra Modi’s govt, keen to sell the loss-making, debt-ridden airline, finalised plans in late March to divest a 76% stake and offload about US$5.1b of its debt. After the terms were disclosed, no company has come forward to say it is interested or to reaffirm previous interest, while Jet Airways and rival IndiGo have already publicly opted out of the race. In April, sources said that Tata Group, widely seen as a potential suitor for Air India, is also unlikely to consider a bid as the govt’s terms are too onerous. Tata Group has not issued an official statement yet. <br/>