India discusses flag carrier’s sale with 9 companies

Indian officials met with as many as 9 companies during roadshows to gauge interest in a stake sale in the nation’s loss-making carrier, people with knowledge of the matter said. Officials met executives of companies including IAG, IndiGo, SpiceJet as well as Tata Sons, the people said. A successful sale of Air India after a failed attempt in 2018 is crucial for prime minister Narendra Modi to help bridge a widening fiscal deficit exacerbated by dismal tax collections and a US$20b corporate tax cut. Air India hasn’t made money since 2007. The airline posted a loss of $1.2b last year -- its highest ever -- and has $8.4b in total debt. The airline will have to shut down if it can’t find a buyer, aviation minister Hardeep Singh Puri old the Indian parliament in November. <br/>