Sale of debt-laden Air India fails to take off

The Indian govt’s attempt to sell debt-laden Air India is in danger of hitting the skids as a key deadline looms with no bidder in sight. Prime minister Narendra Modi’s administration announced in March that it would privatise the beleaguered airline. But the plan has struggled to get off the ground with several prospective buyers ruling themselves out. “Conditions put forth by the govt with regards to debt and employee costs are restrictive and have put off investors,” aviation expert Amrit Pandurangi said. “The govt needs to address the concerns of the private investors if the stake sale is to move forward,” the independent analyst added. Analysts say the company’s large debts and generous pension schemes are putting off buyers. Air India is about US$8b in the red. <br/>