National

Air India’s 29 properties to go on the block

Forum Gandhi Mumbai | Updated on June 18, 2021

The government is looking to raise at least ₹15,000 crore from the sale of Air India, its subsidiary Air India Express and AISATS   -  The Hindu

The airline made efforts to sell 71 properties in 2018 and 56 properties in 2019

At least 29 properties of the flag carrier Air India will go under the hammer in the first week of July. Through public notices in multiple publications, Air India announced the e-auction of residential, commercial properties and plots across major cities.

Air India is looking to sell prime properties in metro cities. Its public notice includes the sale of a residential plot and a flat in Mumbai, a residential plot in Bengaluru, and four flats in Kolkata and five in New Delhi.

The debt-strapped airline is also looking at selling a booking office and staff quarter in Aurangabad, a residential plot along with Airline House in Bhuj, six flats in Nashik, booking office in Nagpur and a residential plot in Thiruvananthapuram and two flats in Mangaluru are for sale, according to the notice.

The e-bid will start on July 8, and close on July 9.

MSTC to handle e-auction

Government enterprise MSTC Ltd will handle the e-auction for Air India. According to MSTC’s website, the starting price of the properties range between ₹13 lakh and ₹36 crore.

In the past three years, Air India made two efforts to sell 71 properties in 2018 and 56 properties in 2019.

According to a source, Air India is looking to monetise these assets following the recommendations of the Kelkar committee. Another person added that the sale of these properties could raise at least ₹250 crore for the company.

Earlier this month, Civil Aviation Minister Hardeep Singh Puri had said that Air India was cashstrapped and owed monies to the tune of ₹60,000 crore, hence, the disinvestment of Air India is likely to happen by the end of this year.

The government is looking to raise at least ₹15,000 crore from the sale of Air India, it’s subsidiary Air India Express and AISATS

The Tata Group and Ajay Singh of SpiceJet are understood to have placed a bid for Air India.

Published on June 18, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor