Friday, October 05, 2018

Air India eyes over Rs 7,000 crore proceeds from monetisation of land at Mumbai, Delhi and Tokyo

The land monetisation exercise at debt-laden Air India seems to be picking up pace as the airline is eyeing big-ticket items for sale in order to cut its loan burden by around Rs 7,000 crore, a senior government official aware of the development told CNBC-TV18.

"We have issued two advertisements over the last one month for sale of properties. The first had properties worth about Rs 400 crore and the other was about Rs 200 crore. We are looking at big real estate items now in New Delhi, Mumbai and some overseas,” the official said requesting anonymity.

The airline is now in discussions with City and Industrial Development Corporation of Maharashtra (CIDCO) for sale of its residential land at Nerul in Mumbai and is hopeful of generating around Rs 1,500 crore from the sale.

"CIDCO had given this 20-acre land to Air India years ago. We have asked CIDCO to dispose it on our behalf. It will take about six months, because a lot of permissions are needed. We expect our share at around Rs 1,500 crore from this land sale," the official said.
05/10/18 Anu Sharma/CNBC TV18

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