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Air India sale fails to attract buyers

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India has said it will “rethink” its strategy after an offer to buy a controlling stake in national carrier Air India failed to attract any buyers.

“We were looking forward for better participation,” Civil Aviation Secretary RN Choubey told reporters after a deadline for expressions of interest ended on Thursday.

The ministry thought the offer of a 76% stake would be “good enough”, he added.

But experts say “onerous” government conditions put off potential buyers.

Among the terms of sale was the fact that any potential buyer would have had to take on the airline’s 27,000 employees.

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