New Delhi: Sahara India's hunt for iconic properties globally has now taken it to Air India's 23-storeyed landmark headquarters at Mumbai's Nariman Point. Cash-strapped AI had recently decided to keep the top three floors and lease out the remaining 16 lakh square feet to generate about Rs 50 crore a year. The Lucknow-based Sahara group wants to lease the entire area for 30 years.
However, AI sources said the Sahara bid has not been accepted as the airline wants to lease the building for shorter period. A Sahara spokesman said the group wants the AI Building but did not elaborate for what purpose. "We have advertised to lease the building, except the top three floors, for a period of three to five years while Sahara wants it for 30 years to possibly house a hotel here. So, there is no option of leasing the building to them. Also, if one party takes the entire building then they may want to rename this landmark. One of our terms and conditions is that the building must remain as AI Building," said a senior official, adding that the Sahara bid has not been accepted.
19/12/12 Saurabh Sinha/Times of India
