Thursday, August 24, 2017

Air India puts key properties for sale, aims to net at least Rs 500 crore

Mumbai: Air India has put up for sale as many as 27 flats besides several residential and commercial land plots as well as office buildings across the country as part of its snail-paced asset monetisation plan amid the disinvestment process of the debt-ridden flag carrier.

The state-run auctioneer MSTC has been mandated to e-auction these properties, with bid closing date fixed for September 6.
According to a public notice, the airline has sought bids for the sale of properties in Mumbai, Bengaluru, Kolkata, Chennai, Thiruvananthapuram, Ahmedabad, Pune, Goa, Lucknow, Gwalior, Gurgaon and Bhuj.
Air India expects to mop up at least Rs 500 crore from the sale of these properties, which will go under the hammer in September, according to a senior airline official.
Chalked out in 2012 as part of the national carrier's Turnaround/Financial Restructuring Plan, which provides for equity infusion in the airline worth Rs 30,231 crore up to 2021, AI is required to monetise its assets and generate Rs 5,000 crore by way of sale, leasing or developing an asset as a joint venture.
24/08/17 PTI/Economic Times