State may approve 16 billion acquisition of Air India building
AVIATION & AIRPORTS

State may approve 16 billion acquisition of Air India building

The iconic Air India building at Nariman Point is anticipated to be approved for purchase by the state cabinet in its meeting, according to the state government's decision. The building, which was constructed in 1974 on land owned by the state government, is valued at Rs 16 billion. Since the 2012 fire at Mantralaya, four major departments—public health, medical education, water supply and sanitation, and rural development—have been operating from GT Hospital. It is planned to relocate these departments, along with others, to the Air India building, and officials have noted that numerous entities have expressed interest in acquiring the property.

The 23-storey building is presently owned by Air India Assets Holding Limited, a company established by the union ministry of civil aviation in 2018 to oversee all Air India-owned properties. Currently, nine floors of the building are vacant. GST offices occupy three floors, while the income-tax department occupies eight floors. The ground and first floors are under the possession of Air India. The government has conveyed to Air India Assets Holding Company that the building should be handed over without any encumbrances.

Sources reveal that the BJP was concerned that if the building were sold to a private entity, it could attract criticism. Therefore, the party preferred a government body to make the purchase. Earlier in the process, the Centre-owned Jawaharlal Nehru Port Authority (JNPA) and the Life Insurance Corporation (LIC) of India were also contenders. Ultimately, the bid from the Maharashtra government prevailed.

The iconic Air India building at Nariman Point is anticipated to be approved for purchase by the state cabinet in its meeting, according to the state government's decision. The building, which was constructed in 1974 on land owned by the state government, is valued at Rs 16 billion. Since the 2012 fire at Mantralaya, four major departments—public health, medical education, water supply and sanitation, and rural development—have been operating from GT Hospital. It is planned to relocate these departments, along with others, to the Air India building, and officials have noted that numerous entities have expressed interest in acquiring the property.The 23-storey building is presently owned by Air India Assets Holding Limited, a company established by the union ministry of civil aviation in 2018 to oversee all Air India-owned properties. Currently, nine floors of the building are vacant. GST offices occupy three floors, while the income-tax department occupies eight floors. The ground and first floors are under the possession of Air India. The government has conveyed to Air India Assets Holding Company that the building should be handed over without any encumbrances.Sources reveal that the BJP was concerned that if the building were sold to a private entity, it could attract criticism. Therefore, the party preferred a government body to make the purchase. Earlier in the process, the Centre-owned Jawaharlal Nehru Port Authority (JNPA) and the Life Insurance Corporation (LIC) of India were also contenders. Ultimately, the bid from the Maharashtra government prevailed.

Next Story
Infrastructure Energy

South West Pinnacle Wins Rs 30 Cr Oman Mining Contract

South West Pinnacle Exploration Ltd has secured a Rs 30 crore contract from Minerals Development Oman (MDO) for mining exploration in concession areas 12B and 13.The two-year project will be carried out via Alara Resources LLC, a JV in Oman. MDO, backed by Oman’s investment authorities, focuses on monetising mineral wealth.The contract covers copper, gold, and chromite and highlights South West Pinnacle’s growing footprint in international exploration and mining services. ..

Next Story
Equipment

Godrej GEG Boosts Intralogistics with AI and Green Tech

Godrej Enterprises Group (GEG) is revolutionising warehouse and factory logistics through its Material Handling Equipment and Storage Solutions arms by integrating AI, IoT, and automation.With 20–25% market share and 85% local sourcing, GEG champions Atmanirbhar Bharat and sustainability. The Chennai plant, a green manufacturing leader, uses RoHS-compliant materials and has slashed energy consumption by 60%.GEG serves e-commerce, FMCG, retail, and cold chains with high-performance racking and electric forklifts. Upcoming IoT-enabled forklifts and telematics solutions aim to improve speed, sa..

Next Story
Infrastructure Urban

Amit Shah Inaugurates Key Projects Across Gujarat

Union Home Minister Amit Shah inaugurated and laid the foundation stone for various projects in Gujarat’s Panchmahal district and Ahmedabad.In Godhra, he inaugurated the Center of Excellence building, sports complex, reservoir, and Miyawaki plantation. In Ahmedabad, he unveiled a new cooperative complex in Adaroda village and a primary school in Juwal.These projects, under the Model Co-op Village scheme, aim to boost education, sustainability, and rural development across the state. ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?