Monday, September 03, 2018

Air Corporation Employees Union seeks rethink on Air India's Nariman Point building sale

Mumbai: Air Corporation Employees Union (ACEU) has urged Air India management to reconsider its plans to sell the iconic Air India Tower at city's tony Nariman Point neighbourhood.

Instead, it has suggested that secured loans should be availed against the building, which can be utilised for retiring high-cost working capital borrowings.

The government has started discussions for the sale of the 23-storeyed tower as part of efforts to raise funds for the cash-strapped national carrier.

The building, which was the Air India's headquarters till February 2013 before it was vacated as part of the airline's asset-monetisation plans, is considered a primary property.
03/09/18 PTI/Times of India