India again extends deadline to bid for Air India divestment until Oct. 30

26th Aug, 2020 | Tourism Mail Crew

NEW DELHI, Aug. 26 : The Indian government once again extended the deadline to bid for the cash-strapped state-owned carrier Air India by two months until Oct. 30 this year, officials said Wednesday.

This is the fourth time the deadline for the bid has been extended.

The divestment process for the national carrier was initiated on Jan. 27 this year.

According to the Department of Investment and Public Asset Management (DIPAM), the deadline has been extended in view of the request received from the interested bidders due to the prevailing situation arising out of COVID-19.

The last date for bids was kept at March 17 which was later extended to April 30, subsequently extended to June 30 and later to Aug. 31, have now be extended until Oct. 30.

The date for intimation to Qualified Interested Bidders has also been extended until Nov. 20.

Air India is crumbling under huge debt and grappling with a financial crisis.

In March 2018, the Indian government planned to divest 76 percent stake in Air India. The proposed move, however, failed to take off as the government did not receive any expressions of interest from potential bidders.(Xinhua)