Air India plans to reduce Rs 700 to 80 billion by selling more than 70 residential and commercial properties in the first half, chief aviation officials said on Thursday.
This new bid is part of the plan approved by the UPA government for the airline's real estate assets in 2012. Under this plan, Air India set a goal of Rs 500 per year starting from FY13 at KRW5,000 between April 2014 and March 2021 .
These buildings, which are located in 16 cities in India, will receive electronic auctions through the state-run auction company MSTC.
"We expect to sell over 70 properties, including both residential and commercial, at an electronic auction to raise between $ 700 and $ 800. Some of these properties were previously on the block, but the buyers said."
Last month Air India sold 14 cities, including Mumbai, Kolkata, Chennai, Bangalore, Pune and Amritsar.
Air India's debt burden amounts to Rs. 55,000 in addition to the huge cumulative loss. According to the audit report, the total loss of the airline reached Rs 47,145.62 in 2016-17.
The government will cash in assets in major regions such as Air India and Mumbai in May, resulting in Rs 543.03 (R
The state airline also collected 291 rupees for lease rent from a 23-storey building, which rented a 23-storey building at Nariman Point in the city from FY13 to January 2018.