Govt discusses Air India sale with nine companies: Sources

Indian officials met with as many as nine companies during roadshows to gauge interest in a stake sale in the nation’s loss-making flag carrier, people with knowledge of the matter said.

Officials met executives of companies including British Airways parent IAG SA, IndiGo, which is India’s biggest airline, SpiceJet Ltd, as well as Tata Sons Ltd, the the sources said.

A successful sale of Air India Ltd 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 $20 billion corporate tax cut.

Air India, which started as Tata Airlines in 1932 and later acquired by the government, has not made money since 2007. The airline posted a loss of $1.2 billion last year, its highest ever, and has $8.4 billion in total debt.