Maharashtra govt in talks to buy Air India building in Mumbai

12 Aug 2021 CW Team

The Maharashtra government has initiated discussions with debt-ridden Air India to buy its iconic building located in the Nariman Point area of the city.

Maharashtra Chief Secretary Sitaram Kunte discussed the cost of the building with Air India CMD Rajiv Bansal.

Air India had issued tenders for 23-storey building sales, which stands on the state government land, in 2018, but it failed to evoke a favorable response.

Officials of Air India told Kunte that their internal valuation of the building was more than Rs 2,000 crore, to which Kunte asked them to share it with the state government, official sources said.

An official told the media that the Air India building has become old. A private party will have to demolish the whole building. The building can be used for another eight to ten years to accommodate some government offices. The building value cannot be more than Rs 2,000 crore. Its actual value would only be the strategic location and the land value.

The former chief minister Devendra Fadnavis had shown interest in buying the building to house several government offices given its proximity to the state legislature building and the secretariat overseeing the Marine Drive.

The official said that Air India approached the then-state government and asked for its participation in the tender. The government wrote to Air India quoting a value of Rs 1,450 crore for the acquisition. Since the government dues from Air India are about Rs 300 crore, the actual cost would have been nearly Rs 1,100 crore to Rs 1,200 crore.

Image Source

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

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

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..