Tuesday, October 23, 2018

Air India sells 17 out of 41 properties on block, raises just Rs 15 crore

National carrier Air India Ltd's latest land monetisation drive in September drew a lukewarm response as it could only sell 17 out of 41 properties that it had put on block and hence garnering Rs 15 crore against expectations of around Rs 400 crore, senior government officials told CNBC-TV18.

"Out of the 41 properties that were put for sale, 17 got sold and we got around Rs 15 crore. We will try selling the remaining properties again," one of the officials said on condition of anonymity.

State-run MSTC Ltd was asked to auction online these 41 properties across Ahmedabad, Bhuj, Bengaluru, Goa, Nasik, Mumbai among others and the last date for submission of e-bids was October 12.

"It does not make sense to sell properties at below market price. We will keep making attempts at selling these until we are content that the price we are getting is the best we can get," the official added.

Next up for sale are 14 properties of the carrier spread across seven cities and the closing date for submission of bids is November 1. While the airline is eyeing to raise around Rs 200 crore by selling the 14 real estate items, it remains to be seen how many it can manage to sell and how much it can earn.
23/10/18 Anu Sharma/CNBC TV18

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