Thursday, November 28, 2019

Sale of Air India tower in Mumbai doubtful after regime change in Maharashtra

The change of guard in Maharashtra has cast a cloud over Air India's plan to put an iconic building on sale in Mumbai, possibly affecting the cash-starved airline's intent to raise funds.

The previous Bharatiya Janata Party (BJP)-led government's exit from Maharashtra's helm could mean the new state government might scrap plan to buy the 23-storey tower at Nariman Point for around Rs 1,400 crore.

Former chief minister Devendra Fadnavis was keen on it and had also constituted a committee led-by Maharashtra's chief secretary to bargain for the building's purchase.
"However, the forthcoming government (a combine of Shiv Sena, NCP and Congress parties) may not go ahead with the plan," a source told the Livemint.

The building was Air India's headquarter until 2013 which it had to vacate as part of its asset-monetisation plans. The national carrier had at first set around Rs 1,500 crore as the reserve price for the 220,000 sq. ft building which was designed by American architect John Burgee.

"The Devendra Fadnavis-led BJP government had plans to convert the building into the chief minister's secretariat and also connect it through an underground tunnel with the Mantralaya nearby," a source told the news daily.
28/11/19 Business Today
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