This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.

One of the largest countries in the world was unsuccessful in its attempt to find a buyer to turn around its struggling state-owned airline.

The Indian government has stopped the sale of Air India, the country’s flag carrier. Why? Because they received zero bids for the debt-riddled airline.

In March, the Indian government put Air India up for sale — offering a 76% stake in the carrier that has $7.8 billion of debt. It didn’t have a minimum price, but the government was accepting bids from any serious investor. Still, it didn’t receive any offers by the time the bidding period had closed.

The Indian government will continue to support Air India financially, and it surprisingly has plans to place orders for more aircraft. It’s even been reported that the airline will unveil a brand new international first and business class product at the end of this week. TPG reviewers’ experiences on the airline have been downright horrible to pretty solid.

Air India’s business class on its 787 Dreamliner. Image by Zach Honig / The Points Guy.

Indian Finance minister Arun Jaitley said that the government will work to make the airline more profitable before they put it up for sale again, even saying that it could list itself on the stock exchange.

“Certain conditions have to be met before listing a company. Once Air India fulfills those, we will go in for an initial public offering and subsequent listing,”Jaitley said.

Air India would have to post a profit for three years straight before it can list itself on the stock exchange. The airline hasn’t had a single profitable year since 2006.

Potential buyers were reportedly worried by the the $5.1 billion in debt they would have to take on, as well as the fact that the government was going to retain ownership of 24% of Air India. The terms of the deal also forbid anyone from merging the airline with its own business as long as the government held a stake in the carrier.

“The airline is posting operational profits,”Jaitley said. “None of the flights goes empty. With all the cost-efficient mechanism in place, we will continue improving its operational efficiency. There is no need to rush in for disinvestment as of now.” 

A report from the Mumbai Mirror shows how messy Air India’s financials are. The airline is covering about half of its employee’s salaries ($15 million) through the rental of its old headquarters in Mumbai. The iconic building was constructed in 1976 and was one of the city’s first skyscrapers.

H/T: Airways Magazine

Featured image by Bruno Geiger / Flickr.

The Platinum Card® from American Express

The American Express Platinum card has some of the best perks out there: cardholders enjoy the best domestic lounge access (Delta SkyClubs, Centurion Lounges, and Priority Pass), a $200 annual airline fee credit as well as up to $200 in Uber credits, and mid-tier elite status at SPG, Marriott, and Hilton. Combined with the 60,000 point welcome offer -- worth $1,140 based on TPG's valuations -- this card is a no-brainer for frequent travelers. Here are 5 reasons you should consider this card, as well as how you can figure out if the $550 annual fee makes sense for you.

Apply Now
More Things to Know
  • Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.
  • Enjoy Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
  • 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5X Membership Rewards points on prepaid hotels booked on
  • Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn More.
  • $200 Airline Fee Credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
  • Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. Enrollment required.
  • $550 annual fee.
  • Terms Apply.
  • See Rates & Fees
Intro APR on Purchases
Regular APR
Annual Fee
Balance Transfer Fee
See Terms
Recommended Credit
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.