Air India sold 115 properties at Rs 738 cr since 2015 to offset debt

31 Jul 2021 CW Team

On Thursday, the Ministry of State for Civil Aviation, V K Singh, told the media that Air India had sold 115 of its real estate properties of Rs 738 crore from 2015 to offset its debt.

As per the decision of Air India Specific Alternative Mechanism (AISAM) in 2018, the disinvestment-bound Air India has been monetising its immovable assets to offset its debt. In March 2019, the company had a debt of about Rs 60,000 crore.

On Thursday, Singh replied to Lok Sabha that Air India had identified 111 property parcels for monetisation, of which 106 property parcels are in India, and the remaining five are overseas properties.

He also said that the 111 parcels of properties have 211 units that are under monetisation.

On 8 July, the government held the first auction of Air India properties to sell the national carrier's properties such as apartments, commercial space in major cities and raised about Rs 270 crore.

On 18 July, Air India announced the e-auction of properties, including residential and commercial plots across major cities, as a part of the monetisation plan, amid the carrier's disinvestment process.

According to an official, the government has also reduced Air India's offer price by about 10% in its recent auction for Indian properties.

Until now, Air India has received Rs 738 crore from selling 115 units from 2015 to 12 July 2021. Air India even realises about Rs 100 crore annually from lease rental income, Singh said.

Currently, the centre is in the process of selling Air India. Financial bids are also to be received from qualified, interested bidders by 15 September 2021.

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Also read: Air India property auction begins; company targets to raise Rs 270 cr

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