The cash-starved national carrier has finally succeeded in monetising its past headquarters -- the 23-storey Air India Towers -- in the heart of the megapolis with just one floor being empty now and the rental income touching Rs 100 crore. Most floors of the sea-facing 344 feet tall, centrally air-conditioned building measuring 2,20,000 sq ft on the historic Marine Drive in the Nariman Point area built in 1974, had been lying vacant for many years even when the flag carrier was headquartered in the building. In February 2013, the airline under the then chairman Rohit Nandan decided to shift its base to New Delhi. The irony is that neck-deep in debt, the airline with over Rs 30,000 crore long-term aircraft purchase loans and over Rs 30,000 crore in accumulated losses, has been spending close to Rs 90 crore a year to upkeep the tower. "We are left with just one vacant floor now. We have already rented out 8 floors to the Income Tax department, and 4 floors each to State Bank of India and the Service Tax department. We are talking to SBI for the remaining floor and hope to conclude this as well," Air India general manager for finance Kirti Rao told PTI here today.
17/02/16 moneycontrol.com
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17/02/16 moneycontrol.com
