Bidders Take a Flyer on Debt-Ridden Air India Bidders Take a Flyer on Debt-Ridden Air India Comments Off on Bidders Take a Flyer on Debt-Ridden Air India TAMIL NADU — A number of bidders — including the original owner — are vying to breathe new life into debt-ridden Air India. Over the years, the government-owned national carrier has accumulated debt of over INR 58,000 ($7.8 billion). In addition to selling 100 percent stake in the stressed airline, the government is also unloading Air India Express as well as a 50 percent stake in Air India’s cargo and baggage handling service. Now, India’s largest conglomerate, Tata Group — which founded Air India as Tata Airlines in 1932 — is among the bidders for the beleaguered airline. Tata’s bid is reported to be submitted through AirAsia India, which it owns jointly with AirAsia Malaysia.