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Parting With Land To Keep Soaring In The Skies: Air India To Raise Rs 800 Crore From Sale Of Over 70 Properties
Air India’s Boeing 787 Dreamliner (Raj k Raj/Hindustan Times via Getty Images)‘
India’s state-run national carrier, Air India, plans to monetise its commercial and residential property and earn income to the tune of Rs 700 to Rs 800 crore, as reported by Business Standard. The properties, which are spread over 16 cities, will be auctioned through state-run e-commerce company MSTC Ltd.
“We are expecting to raise about Rs 7-8 billion by e-auctioning of these over 70 properties, which comprises both residential as well as commercial. Some of these properties are those which we put up on the block earlier but could not get a buyer,” said an official with the company.
In February 2018, the airline had put up 45 properties up for sale, which included flats, houses and apartments. However, it found buyers for only around 25 per cent of the assets. Again in September, it put around 50 properties on the block, with a total valuation of more than Rs. 500 crores, which was successful.
Troubled with financial issues, the airline has a standing debt of more than $5 billion. If comprehensive solutions aren’t adopted, then more than $2 billion losses could be added in the next two years, according to Centre for Asia Pacific Aviation (CAPA).
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