Air India sale exposes hurdles for Narendra Modi's divestment drive

The Indian government's offer to sell stakes in Air India has failed to draw a single bid so far, underlining the challenge it faces in fixing the debt-laden state carrier, as well as meeting a broader target of stake sales in government-held firms.

Prime Minister Narendra Modi's government announced a plan in March to divest a 76 percent stake in Air India and offload about $5.1 billion of its debt.

This month, it eased some terms and extended the period to make bids, but as the revised deadline loomed there were still no takers for the airline, which flies some lucrative routes