Air India sale gets no bid, exposes hurdles for Modi's divestment drive

India's offer to sell a stake in Air India failed to draw a single bid by the Thursday deadline, underlining the challenges it faces in fixing the debt-laden carrier and meeting a broader target of stake sales in govt-held firms. Prime minister Narendra Modi's govt announced a plan in March to divest a 76% stake in Air India and offload about US$5.1b of its debt. The Ministry of Civil Aviation said on Twitter Thursday evening that it had received no bids, adding its next move on the stake sale would be decided "appropriately". Earlier this month the govt had eased some terms and extended the period to make bids, but still found no takers for the airline, which flies some lucrative routes but also has one of the industry's highest employees-per-aircraft ratios. <br/>