Thursday, July 06, 2017

Air India’s buyer may not get Nariman Point property and Vasant Vihar staff colony as part of deal

The government will shortly begin work on finalising the broad contours of Air India’s (AI) privatisation plan that will likely involve valuing the non-core assets including prime real estate in Delhi and Mumbai separately from the national carrier’s main aeronautical operations.

A three-year old note “Guidelines for Monetisation of Real Estate Assets” will likely serve as the guiding framework for the Group of Ministers (GoM) headed by Finance Minister Arun Jaitley tasked with working out the roadmap to sell off India’s debt-laden national airline.

Air India’s properties that could be sold off include: freehold land and residential flats at Palavanthangal Village and IA Staff Housing Colony spread across 19.13 acres in Chennai, another free hold land plot of land in Annasalai in Chennai, Airlines House (the headquarters of erstwhile Indian Airlines) located in Gurudwara Rakabganj Road, Delhi, another 16,188 sq mt of premises at Baba Kharak Singh Marg, Delhi, staff quarters in spread across 30 acres in south Delhi’s plush Vasant Vihar, eight flats of 1900 sq feet each in New Delhi’s Asiad Village, about 20 acres of free hold land and buildings in Central Training Establishment, Hyderabad, the iconic Air India building in Mumbai’s Nariman Point, building at old airport, Kalina, Santacruz, Mumbai, office building, NITC, Santa Cruz, Mumbai, land at CIDCO Plot, Nerul in Mumbai and  property in DLF, Qutab Enclave, Phase-III, Gurgaon, Haryana.
It also has properties in Nairobi, Hong Kong and Mauritius among others.
06/07/17 Gaurav Choudhury/moneycontrol.com

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