Saturday, March 03, 2018

After two dud shows, Air India auction sees 9 bids

The efforts of Air India to raise funds through the sale of its properties finally seem to have borne fruit. After drawing a naught twice, the national carrier this time has received nine bids for its assets, sources close to the development have told DNA.

Ailing for past few years, Air India had decided to put several flats, bungalows, and plots in 12 cities on the block with a base price of Rs 365 crore. Of these properties, assets worth Rs 256 crore are in Mumbai.

The bids for Mumbai properties, which closed on February 1, were opened last week, said sources. The last date for participating in the auction for the remaining is March 7. The total number of bidders may even go up, they said.

A senior Air India official said, "The bids have been sent to a higher committee, which will take a final decision."

The online bidding process is being conducted by state-run MSTC India, while Cushman & Wakefield Property Advisors has been roped in as the realty consultant.

The number of flats that were put on auction is 30. The remaining properties include two flats in Ahmedabad, two land parcels in Bhuj, one land parcel, one bungalow, three flats in Bengaluru, nine flats in Goa, a residential plot in Gurgaon, a building in Gwalior, a plot and a flat in Kolkata. There are also four bungalows in Lucknow, six flats in Nashik, an office space and two flats in Pune, and one residential land in Trivandrum.
03/03/18 Varun Singh/DNA