India extends deadline to receive initial bids for Air India

India has extended the deadline to receive initial bids for its stake in state-run carrier Air India to May 31 from May 14 earlier, according to a notification issued by the Ministry of Civil Aviation on Tuesday.

India will announce the qualified bidders for the beleaguered airline on June 15, according to the statement.

Prime Minister Narendra Modi’s government, keen to sell the loss-making, debt-ridden airline, finalised plans in late March to divest a 76 percent stake and offload about $5.1 billion of its debt.