National News

Air India has sold 115 assets for Rs 738 crore since 2015 to offset debt: Gen VK Singh

Disinvestment-bound Air India has sold 115 units since 2015 for Rs 738 crore to offset its debt, said Minister of State (MoS) for Civil Aviation General VK Singh

PSU Watch Bureau
  • Air India has identified 111 parcels of properties for monetisation
  • The 111 parcels of properties consist of 211 units which are under monetisation

New Delhi: Disinvestment-bound Air India has sold 115 assets since 2015 for Rs 738 crore to offset its debt, said Minister of State (MoS) for Civil Aviation General VK Singh on Thursday. In a written response to a question raised in the Lok Sabha, the minister said that the Air India Specific Alternative Mechanism (AISAM) had decided in 2018 to monetise immovable assets of Air India to offset its debt. "Cabinet Committee on Economic Affairs while approving the Turn Around Plan (TAP) and Financial Restructuring Plan (FRP) for Air India Limited (AIL) in the year 2012, had also approved monetisation of assets of AIL," said General Singh.

Air India's asset monetisation plan

The minister told the Lower House of Parliament that Air India has identified 111 parcels of properties for monetisation, out of which 106 assets are in India and the rest five are overseas properties. "The 111 parcels of properties consist of 211 units which are under monetisation. Air India has so far received Rs 738 crore from sale of 115 units from 2015 to 12th July, 2021. Air India also realises about Rs 100 crore per annum from lease rental income," said General Singh.

"There are no pending payments to any private operators hired by Air India for Haj pilgrimages," the minister added.

Air India held e-auction in July to sell assets

Earlier in July, Air India held an e-auction to sell several land assets, like offices, flats and staff quarters across major cities like New Delhi, Mumbai, Kolkata, Ahmedabad, Bengaluru, Mangaluru, Nashik, and Nagpur. The list includes residential units in New Delhi's Asian Games Village Complex, flats in Mumbai's Pali Hill neighbourhood in Bandra, flats in Kolkata's Golfgreen locality and Air India's booking office in Nagpur, among others.

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