Indian govt heads for airline auction flop

India's government could be forced to rethink the auction of a majority stake in its debt-stricken airline Air India, with no bids yet received with a deadline looming yesterday, reports AFP from Mumbai.

The cut-off date has already been put back by three weeks because of the lack of interest and Civil Aviation Secretary R.N. Choubey said late Wednesday there had been no contact from prospective buyers so far.

The government official remained "quite hopeful" of a late offer -- the deadline is at 1130 GMT -- but added that the auction would not be extended further, Press Trust of India reported.

Aviation analysts have said however there is little chance of a bid until the government changes the terms of the sale.

"Lack of bids is disappointing for the government," a Mumbai-based research firm analyst told the news agency.

"The government can keep postponing the dates but the markets have spoken and there is zero interest. It is back to the drawing board."

Indian govt heads for airline auction flop

Indias government could be forced to rethink the auction of a majority stake in its debt-stricken airline Air India, with no bids yet received with a deadline looming yesterday, reports AFP from Mumbai. The cut-off date has already been put back by three weeks because of the lack of interest and Civil Aviation Secretary R.N. Choubey said late Wednesday there had been no contact from prospective buyers so far. The government official remained quite hopeful of a late offer -- the deadline is at 1130 GMT -- but added that the auction would not be extended further, Press Trust of India reported. Aviation analysts have said however there is little chance of a bid until the government changes the terms of the sale. Lack of bids is disappointing for the government, a Mumbai-based research firm analyst told the news agency. The government can keep postponing the dates but the markets have spoken and there is zero interest. It is back to the drawing board.