Air India (AI) wants to sell off as many as 61 properties all across India to raise a minimum of Rs 510.09 crore as part of its asset-monetization plans. The actual sale-proceed amount will differ depending upon the auction amount and the number of properties actually getting sold.
For decades now, the public carrier has been in red, with its current debt standing at a staggering over Rs 52,000 crore and accumulated loss at over Rs 50,000 crore. In order to cut down its losses and debt, it has been trying to sell or develop or lease out its properties.
As per the latest round of e-auction plans, there are as many as 43 apartments, 10 residential and commercial plots, one building, four bungalows and three shops. The total reserved price of all these properties is Rs 510.09 crore.
These properties are spread in different cities of India like Mumbai, Gurugram, Trivandrum, Bengaluru, Kolkata, Bhuj, Ahmedabad, Gwalior, Lucknow, Pune, Nashik, Goa and Chennai.
Some of the assets including in upmarket areas of Mumbai like Altamount Road, where the who’s who including Mukesh Ambani makes a mark.
State-run auctioneer MSTC has been mandated to e-auction these Air India assets. The bids close on September 6. Cushman & Wakefield too has been roped in as property consultant to sell these assets.
Two months ago, the Cabinet had approved divestment plan for Air India. Thereafter, Indigo Airlines and Tata Group had shown interest.
Earlier, there have been attempts to sell some of the properties in Mumbai, but the cash-strapped airline did not find any takers. As a result, it has been put to auction once again. As reported by DNA on August 5, after an initial online auction for 14 properties in June did not find any takers, another e-auction for 15 other properties was held in July.
While buyers did show interest in July, the auction was called off by Air India as the quotations received were well below the reserve prices.
...& ANALYSIS
- Air India has sold only four of its flats in Mumbai to SBI for around Rs 90 crore
- These were at Sterling Apartments in up-scale area in South Mumbai
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