New Delhi: In what would finally kickstart Air India’s attempt to monetize real estate assets to clear its debt, public sector undertakings Industrial Development Bank of India, State Bank of India, Oil and Natural Gas Corporation and Power Finance Corporation have evinced interest in securing a prime plot of land on Baba Kharak Singh Marg from the cash-strapped airline.
A senior official at Air India said, “We have sorted out ownership issues over the land on Baba Kharak Singh Marg. A lot of PSUs including IDBI, SBI, ONGC and PFC have shown interest in the property. We will soon hold e-auctions to monetize the asset.” Earlier last year, the ailing national carrier was in talks with Life Insurance Corporation (LIC) of India to monetize the four-acre plot on Baba Kharag Singh Marg in a deal valued at around Rs 800 crore. However, LIC withdrew interest subsequently over title issues related to the property.
Apart from the land in Delhi, Air India plans to auction Sterling Apartments in Mumbai, the Air India Colony in Kolkata, some land on Sawripalayam road in Coimbatore and in Chennai and apartments in Hong Kong and Nairobi in the current financial year.
20/05/13 Sharmistha Mukherjee/Business Standard
