Struggling carrier Air India could be sold to a group representing its employees or back to its original founder as the Indian government looks to offload its stake.
The BBC has reported that the loss-making airline, which has valuable slots at Heathrow, has attracted a number of bids.
One is from a group representing staff and another from Tata Group, the Indian carmaker that owns Jaguar Land Rover and established the airline in 1932 and sold it in the 1950s.
The Indian government failed to sell its stake in 2018 when no buyers came forward.
Air India, which has a fleet of 100 aircraft and employs thousands of crew and pilots, is laden with debt and has had to be bailed out by the government.
Ahead of this week’s deadline for bids, US-based investment firm Interups and put in a bid for 49% of Air India with controlling stake held by employees.
Interups chairman Laxmi Prasad told the BBC: “We are giving an open offer to employees of Air India to substantially own the airline.
“Our group will invest the entire monies required for the airline, with no capital requirement from employees to contribute into the acquisition effort.”
Prasad said the 51% stake would be “in exchange for the deep intangible contribution you all would be making for the airline.”
“No-one knows Air India better than its employees and management,” he said.