Air India is awaiting civil aviation ministry nod to sell its properties in Mumbai and Chennai as a part of the asset monetisation drive.
Air India hopes to collectively earn about Rs 200 crore from the sale of four flats on Pedder Road in Mumbai and 1.3 acre land parcel in Chennai.
"We have submitted the proposals to the ministry about a month ago and are waiting for permission. Government rules require us to take prior consent from the ministry before we undertake the sale. State Bank of India has agreed to purchase four flats in Sterling Apartments in Mumbai and while Income Tax department has expressed willingness to acquire the land in Chennai," an Air India source said.
The national carrier had made a three-year plan to monetise assets worth Rs 5,000 crore by March 2016 and funds raised would be used to retire debt. However the airline was unable to meet its Rs 1,200 crore target for FY 2014. But the airline has been unable to sell any of its properties but has been successful in leasing vacant floors in Air India building in Nariman Point, Mumbai. The airline now plans to raise Rs 5,000 crore over ten years.
23/04/15 Aneesh Phadnis/Business Standard
Air India hopes to collectively earn about Rs 200 crore from the sale of four flats on Pedder Road in Mumbai and 1.3 acre land parcel in Chennai.
"We have submitted the proposals to the ministry about a month ago and are waiting for permission. Government rules require us to take prior consent from the ministry before we undertake the sale. State Bank of India has agreed to purchase four flats in Sterling Apartments in Mumbai and while Income Tax department has expressed willingness to acquire the land in Chennai," an Air India source said.
The national carrier had made a three-year plan to monetise assets worth Rs 5,000 crore by March 2016 and funds raised would be used to retire debt. However the airline was unable to meet its Rs 1,200 crore target for FY 2014. But the airline has been unable to sell any of its properties but has been successful in leasing vacant floors in Air India building in Nariman Point, Mumbai. The airline now plans to raise Rs 5,000 crore over ten years.
23/04/15 Aneesh Phadnis/Business Standard
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