Air India To Sell Real Estate Assets; May Garner Up To Rs 300 Crore

Disinvestment-bound Air India is looking to raise Rs 200 to 300 crore by selling commercial and residential real estate assets in different parts of the country.

Air India on Friday sought bids for a slew of properties, including flats and plots.

"Air India through MSTC invites e-auction bids for sale of the properties located across India," according to a public notice.

A residential plot and a flat in Mumbai, five flats in New Delhi, a residential plot in Bangalore, and four flats in Kolkata, are among the properties that have been put on sale.

Besides, a booking office and staff quarter in Aurangabad, a residential plot along with Airline House in Bhuj, six flats in Nashik, booking office in Nagpur and a residential plot in Thiruvananthapuram and two flats in Mangaluru are for sale, as per the notice.

"We are expecting the auction of these properties should fetch around Rs 200-300 crore for AIAHL," a senior official told PTI.

The bids would be open on July 8 and close on July 9.

The government is in the process of deciding on the final contours for the disinvestment of loss-making Air India.

A special purpose vehicle -- Air India Assets Holding Ltd (AIAHL) -- has been set up to hold the non-core assets of Air India group.

AIAHL was set up for warehousing accumulated working capital loan not backed by any asset along with four subsidiaries -- Air India Air Transport Services Ltd, Airline Allied Services Ltd, Air India Engineering Services Ltd (AIESL) and Hotel Corporation of India Ltd (HCI) -- and various non-core assets.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor