The financial bids for the privatisation of Air India would be invited in the coming days, Union civil aviation minister Hardeep Singh Puri said on Friday.

“We are looking at another timeline now, what is called a data room for prospective bidders to look at... that is opened up, 64 days for the financial bids to come in. After that it is the question of taking a decision and handing over the airline,” Puri said at the Times Networks’ India Economic Conclave.

“There is no choice, we either privatise or we close the airline. We run a loss of Rs 20 crore every day despite Air India making money now. Because the mismanagement has resulted in a cumulative debt of Rs 60,000 crore,” Puri said.

The government plans to wrap up the divestment process in the second half of the current calendar year.

The shortlisted entities might be given time till June or early July this year to furnish their financial bids.

After the bids are locked, the sale of Air India will take another 3-4 months to finalise after evaluation of the financial bids.