Mumbai: In an all-cash deal, State Bank of India (SBI) is all set to buy four premium flats in Mumbai's posh Peddar Road area from the loss-making Air India (AI) for Rs 90 crore.
A legal team of Air India is preparing a draft sale agreement which will then be given to the counterparts from the SBI, the country’s largest lender. The Centre recently gave go-ahead to state-owned Air India to sell the flats to SBI for about Rs 90 crore as part the airline's asset monetisation plan.
“Once the purchase agreement is signed by both the parties, the bank will initiate the process to take possession of the flats. It will take a month’s time,” a source told PTI. “SBI is buying these flats in an all-cash deal,” the source said. The asset monetisation plan was approved along with the carrier’s turnaround plan by the Cabinet Committee of Economic Affairs in April 2012 when it also doled out a Rs 30,000 crore bailout. The state-owned lender is planning to allocate these four flats situated at upmarket Peddar road in south Mumbai to its top executives. Each of these three-BHK flats has a carpet area of 2,033 sq ft.
04/01/16 PTI/Business Standard
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A legal team of Air India is preparing a draft sale agreement which will then be given to the counterparts from the SBI, the country’s largest lender. The Centre recently gave go-ahead to state-owned Air India to sell the flats to SBI for about Rs 90 crore as part the airline's asset monetisation plan.
“Once the purchase agreement is signed by both the parties, the bank will initiate the process to take possession of the flats. It will take a month’s time,” a source told PTI. “SBI is buying these flats in an all-cash deal,” the source said. The asset monetisation plan was approved along with the carrier’s turnaround plan by the Cabinet Committee of Economic Affairs in April 2012 when it also doled out a Rs 30,000 crore bailout. The state-owned lender is planning to allocate these four flats situated at upmarket Peddar road in south Mumbai to its top executives. Each of these three-BHK flats has a carpet area of 2,033 sq ft.
04/01/16 PTI/Business Standard
