Air India’s land assets around the country including those in Chennai, Coimbatore and Mumbai will soon be sold to raise funds for the state-owned airlines.
A senior official of the Ministry of Civil Aviation told newspersons that the Ministry was preparing a draft Cabinet note to sell Air India’s real estate assets worth ₹250 crore. The plan includes selling four apartments on Peddar Road, Mumbai. Besides proposals are also being examined to sell land in Chennai and Coimbatore which is worth ₹150 crore.
Sources said that the proposal could be sent to the Cabinet by the middle of August. Air India has a debt burden of about ₹40,000 crore. The government has agreed to provide the airline financial support as long as it adheres to a the earlier approved turnaround plan.