Cash-Strapped Air India To Sell Realty Assets Across Multiple Cities For Up To Rs 300 Crore

State-owned airline Air India has set in motion the work to sell off several properties, including flats, offices and staff quarters which are spread across multiple cities, reports Livemint.

As per the tender put up by the airline on its website on Friday (18 June), the said properties are spread across New Delhi, Mumbai, Kolkata, Ahmedabad, Bengaluru, Mangalore, Nashik and Nagpur.

These include residential units at New Delhi's Asian Games Village Complex, flats at the Pali Hill neighbourhood in Mumbai's Bandra, flats at Kolkata's Golfgreen locality, and the airline's booking office at Nagpur, among others.

The e-auction for the sale of these properties will close on 9 July. The airline is said to be looking to raise Rs 200-300 crore from its asset monetisation initiative.

It should be noted that the cash-strapped loss-making airline is also set to be divested by the government and the process for the same is presently ongoing. It is still to be seen how long does the completion of the disinvestment exercise take.