New Delhi: Loss-making Air India has decided to sell its residential properties in Paris and Nairobi as part of its broader strategy to sell off non-core assets to raise funds. Sources said that the matter will come up for approval at the airline's board meeting on Tuesday in Mumbai. While the properties in Paris, which are basically residential flats, could fetch the airline's around euro 1.5 million (R9.4 crore), similar properties in Nairobi are yet to be independently valued. An Air India spokesperson confirmed the development, saying the airline had been in discussion with Indian embassy in Paris for the proposed sale. The sale process is expected to concluded by the month-end.
It will really be a nostalgic parting by Air India as the Paris property was brought by JRD Tata who was once the company’s chairman.
15/03/11 Nirbhay Kumar/financial Express
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