Air India allegedly close to default

Speculation is mounting that Air India is facing turmoil with reports stating that the carrier is about to default on just over $1 billion in loans, used for the purchase of aircraft. The airline’s total debt amounts to $8 billion. The Indian government had attempted to sell the airline last year but bidding closed with no bidders. In a statement, issued on its official Twitter, the Indian Ministry of Civil Aviation said:  “As informed by the transaction adviser, no response has been received for the expression of interest floated for the strategic disinvestment of Air India.” The news comes in