Centre OKs transfer of Air India Building to Maha Govt for Rs 16.01 bn
AVIATION & AIRPORTS

Centre OKs transfer of Air India Building to Maha Govt for Rs 16.01 bn

The Centre announced that it had approved the transfer of the Air India building in Mumbai from Air India Assets Holding Company to the Maharashtra government for a sum of Rs 16.01 billion. This decision came within the purview of a company established by the Ministry of Civil Aviation in 2018, tasked with managing properties owned by Air India throughout India.

According to the Department of Investment and Public Asset Management (DIPAM), the Maharashtra government has agreed to forego DIPAM dues amounting to Rs 2.98 billion, which otherwise would have been payable by AI Assets Holding Company Ltd for the transaction.

The move follows the Maharashtra government's earlier resolution to procure the renowned Air India building situated in Nariman Point, Mumbai, at a price of Rs 16.01 billion. This resolution emerged from a cabinet meeting chaired by Chief Minister Eknath Shinde.

Furthermore, the cabinet resolved to waive approximately Rs 2.50 billion of unrealised income and interest concerning the property. This property, initially leased to Air India for 99 years in 1970, is owned by the state government. To expedite the deal, transfer fees and penalties were waived by the cabinet.

This decision is anticipated to result in savings of approximately Rs 2 billion per annum for the government in rental expenses. Erected in 1974 on state government-owned land, the building will be repurposed for office space.

Approximately 46,470 square metres of office space will become available in the 23-story building owned by AI Assets Holding Company. Occupants currently utilising the building, such as tax departments and government-operated entities, will need to vacate the premises.

The Centre announced that it had approved the transfer of the Air India building in Mumbai from Air India Assets Holding Company to the Maharashtra government for a sum of Rs 16.01 billion. This decision came within the purview of a company established by the Ministry of Civil Aviation in 2018, tasked with managing properties owned by Air India throughout India. According to the Department of Investment and Public Asset Management (DIPAM), the Maharashtra government has agreed to forego DIPAM dues amounting to Rs 2.98 billion, which otherwise would have been payable by AI Assets Holding Company Ltd for the transaction. The move follows the Maharashtra government's earlier resolution to procure the renowned Air India building situated in Nariman Point, Mumbai, at a price of Rs 16.01 billion. This resolution emerged from a cabinet meeting chaired by Chief Minister Eknath Shinde. Furthermore, the cabinet resolved to waive approximately Rs 2.50 billion of unrealised income and interest concerning the property. This property, initially leased to Air India for 99 years in 1970, is owned by the state government. To expedite the deal, transfer fees and penalties were waived by the cabinet. This decision is anticipated to result in savings of approximately Rs 2 billion per annum for the government in rental expenses. Erected in 1974 on state government-owned land, the building will be repurposed for office space. Approximately 46,470 square metres of office space will become available in the 23-story building owned by AI Assets Holding Company. Occupants currently utilising the building, such as tax departments and government-operated entities, will need to vacate the premises.

Next Story
Products

TOTO India Launches Premium G & L Showers with Sleek Faucet Range

TOTO India has launched its G Shower and L Shower series, alongside an expanded range of GT, LH, and Pull-Out lavatory faucets. The collection blends advanced technology, refined aesthetics, and everyday comfort, staying true to TOTO’s philosophy of creating spaces that are both beautiful and functional. The G Shower series delivers the 3Rs of showering: Relaxing, Refreshing, and Revitalizing. Features include the Calming Shawl spray mode, Warm Spa technology, and multiple overhead and hand-shower options across eight finishes. The L Shower complements this with easy-to-use controls sui..

Next Story
Infrastructure Energy

Hero Future Energies Secures Funding for 120 MW Hybrid Project

Hero Future Energies (HFE), through its SPV Clean Renewable Energy Hybrid Three, has secured Rs 19.08 billion in funding from the State Bank of India (lead) and Canara Bank. The funds will be used to develop and construct HFE’s 120 MW renewable energy hybrid project at Kurnool, Andhra Pradesh. The project, contracted with SJVN, integrates wind, solar, and storage technologies to deliver reliable peak power. With a 21-year repayment period, the funding ensures timely execution and the commencement of commercial operations. The financial closure demonstrates continued lender confidence in..

Next Story
Infrastructure Energy

IOC GPS Renewables Raises Rs 8.36 billion Debt for Compressed Biogas Plants

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation  and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.   The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nin..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?