Air India eyes Rs 800 cr from sale of over 70 properties

| | Mumbai
  • 0

Air India eyes Rs 800 cr from sale of over 70 properties

Friday, 16 November 2018 | PTI | Mumbai

Loss-making national carrier Air India plans to mop up Rs 700-800 crore by selling over 70 residential and commercial properties spread across the country, a senior airline official said on Thursday.

This fresh bid is a part of the airline’s real estate assets monetisation plan approved by the then UPA Government in 2012. As per the plan, Air India had to the garner funds to the tune of Rs 5,000 crore between April 2014 and March 2021, with an annual target of Rs 500 crore from FY13 onwards.

The properties, which are spread over 16 cities pan India, will be e-auctioned through the state-run auctioneer MSTC.

“We are expecting to raise about Rs 700-800 crore by e-auctioning of these over 70 properties, which comprises both residential as well as commercial. Some of these properties are those which we put up on the block earlier but could not get a buyer,” the official said.

Last month, Air India had put 14 properties on sale, in cities such as Mumbai, Kolkata, Chennai, Bengaluru, Pune and Amritsar.

Air India’s debt burden stands around Rs 55,000 crore, besides huge accumulated losses. According to its audited accounts, the airline’s total losses stood at Rs 47,145.62 crore in 2016-17.

Sunday Edition

CAA PASSPORT TO FREEDOM

24 March 2024 | Kumar Chellappan | Agenda

CHENNAI EXPRESS IN GURUGRAM

24 March 2024 | Pawan Soni | Agenda

The Way of Bengal

24 March 2024 | Shobori Ganguli | Agenda

The Pizza Philosopher

24 March 2024 | Shobori Ganguli | Agenda

Astroturf | Lord Shiva calls for all-inclusiveness

24 March 2024 | Bharat Bhushan Padmadeo | Agenda

Interconnected narrative l Forest conservation l Agriculture l Food security

24 March 2024 | BKP Sinha/ Arvind K jha | Agenda