Mumbai: Air India may have relocated its headquarters to New Delhi to be closer to the center of power to avail the bailout package, but its erstwhile deserted headquarters at Nariman Point has turned out to be cash cow helping the Maharaja to meet part of its operational expenses and loan repayment liabilities.
This iconic Air India building (in picture) which opened in 1974 to house the headquarters of Air India, is now earning rental income to Rs 85 crore a year which is used to tide over part of Air India’s financial crisis.
However, this huge rental income can meet only six days of the Maharaja’s losses considering its annual loss of Rs 5547 crore (over Rs 15 crore per day) reported for the year 2014-15.
As part of its turnaround plan approved by the Government, Air India is monetizing its real estate assets by renting our surplus office space and selling properties to augment funds. Leasing out space at the Air India building is part of this strategy.
By now the airline has leased out 20 floors of its 24 floor building to different tenants which include State Bank of India (SBI), Income Tax Department, Service Tax Department and Tata Consultancy Services.
03/12/15 Lalatendu Mishra/The Hindu
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This iconic Air India building (in picture) which opened in 1974 to house the headquarters of Air India, is now earning rental income to Rs 85 crore a year which is used to tide over part of Air India’s financial crisis.
However, this huge rental income can meet only six days of the Maharaja’s losses considering its annual loss of Rs 5547 crore (over Rs 15 crore per day) reported for the year 2014-15.
As part of its turnaround plan approved by the Government, Air India is monetizing its real estate assets by renting our surplus office space and selling properties to augment funds. Leasing out space at the Air India building is part of this strategy.
By now the airline has leased out 20 floors of its 24 floor building to different tenants which include State Bank of India (SBI), Income Tax Department, Service Tax Department and Tata Consultancy Services.
03/12/15 Lalatendu Mishra/The Hindu
