NBCC India, a state-owned construction company, said it has been given ‘in principle’ approval by Air India to redevelop the airline’s staff quarters in Delhi.
The permission has been given to redevelop two plots of lands — a 30-acre plot in Vasant Vihar in South Delhi, and a 3.54-acre plot on Baba Khadak Singh Marg in Connaught Place in the heart of the city.
The permission is to ‘monetize/redevelop’ the land parcels, NBCC said.
It has previously been reported that the government hopes to create buildings on the plot, sell them and repatriate the funds to the cash-strapped airline.
It is estimated that the move will generate between 5,000-7,000 cr, which will help Air India pay back some of its considerable debt.
The plots could not be directly sold or monetized by Air India, requiring the government to step in.
26/09/18 Sanjay Kumar/Ultra
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The permission has been given to redevelop two plots of lands — a 30-acre plot in Vasant Vihar in South Delhi, and a 3.54-acre plot on Baba Khadak Singh Marg in Connaught Place in the heart of the city.
The permission is to ‘monetize/redevelop’ the land parcels, NBCC said.
It has previously been reported that the government hopes to create buildings on the plot, sell them and repatriate the funds to the cash-strapped airline.
It is estimated that the move will generate between 5,000-7,000 cr, which will help Air India pay back some of its considerable debt.
The plots could not be directly sold or monetized by Air India, requiring the government to step in.
26/09/18 Sanjay Kumar/Ultra
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