New Delhi: Loss-making Air India's plan to raise money by selling or partially leasing more than 100 properties has been stymied by an unusual problem: missing ownership papers. Senior AI officials said that ownership documents of over one-fifth of the properties are not in place delaying the debt-laden carrier's sale plan. Asset sales are critical to turning around the airline which has debt of Rs 43,000 crore and continuous losses for more than four years.
About 10 properties, including the terminal office in Delhi's Baba Kharak Singh Marg, the employees' housing colony at Nerul (in Navi Mumbai), flats in Mumbai and Hong Kong and property in Chennai have been put on fast track for a sale or lease. But it has been unable to begin the process as papers for many properties, including the 1.7 lakh square feet office in Baba Kharak Singh Marg in Delhi are missing.
09/01/13 Anindya Upadhyay/Economic Times
