Air India raised Rs.80 crores by selling 4 of its properties to Government owned SBI. Earlier, its e-auction notice which was put up on the internet(on its official site) read “Air India proposes to sell its exclusive properties in the form of land parcels/built-up flats located at prime location in Mumbai, Bengaluru and Trivandrum through e-auction process by MSTC”
Citing the above, a senior Air India official said “We are hopeful of raising Rs 80 crore from the e-auctioning of the seven properties, which include both land parcels and flats”
Air India which is struggling with its bleeding operations has been guaranteed of Rs.30,000 crore from the Government which will be given over a period of 10 years. In the meantime, Air India is required to monetise its assets and generate Rs 5,000 crore by way of sale, leasing or developing an asset as a joint venture.
Earlier, it has leased out its previous headquarters which was situated in Nariman Point to various government agencies and is also contemplating on leasing out its 25,500 square feet space at its Kolkata office complex. The company also has parcels of lands across India and abroad which is lying vacant without generating any income. These will soon be turned into revenue making avenues by the company which will help it feed the operations.