Saturday, July 21, 2018

No objection over Air India’s building sale: Ministry of Civil Aviation

The Ministry of Civil Aviation (MoCA) has said that there is no opposition in selling off Air India’s iconic Nariman Point building by the employees of Air India.

The employees of Air India and its union have been opposing the central government’s plan of dis-investing its stake from Air India into private hands due to rising debts.

Air India’s 23-storey building at Nariman Point in south Mumbai, which was the airline’s headquarters, is a prime property that is likely to fetch high valuations. The property also fetched — for the debt-ridden national carrier — close to Rs 300 crore in the form of lease rent between 2012 and 2018.

However, now, Air India plans to sell off the property for fetching finance for tackling its debt along with selling 20-odd properties of Air India all over the country. The amount earned from monetisation of the Air India assets are used to reduce the debt burden of Air India.
21/07/18 DNA