New Delhi to sell full stake in debt-ridden Air India

MUMBAI, Jan 27 (Arab News): New Delhi intends to sell its entire stake in the debt-crippled national carrier Air India, the government announced Monday, after failing previously to secure any bids for a majority share.

The airline, which owes more than $8.0 billion, has been struggling to pay salaries and buy fuel, with officials recently warning that it would have to shut down unless a buyer was found.

On Monday the civil aviation ministry released a document inviting bids for a 100 per cent stake, setting March 17 as the deadline for initial submissions.

Potential buyers would have to assume around $3.26 billion in debt, the document said.