Air India gets nod for sale of Delhi land

“A CoS,headed by the Cabinet secretary has ruled that we can sell our land parcel in New Delhi. We will start the process of its sale after October,when we expect the deed of the land to be complete,” said a senior Air India official.

The meeting was attended by secretaries from the civil aviation,urban development and legal affairs ministries.

The land,measuring 3.54 acres,is estimated to fetch around Rs 1,000 crore for the national carrier,which plans to raise Rs 1,500 crore out of a target of Rs 5,000 crore through sale of assets this fiscal.

With the approval,Air India plans to fast track the asset monetisation plan to be carried out in two phases.

In the first phase,to be completed by October,the airline plans to sell flats in Mumbai and a plot in Gurgaon.

“In the second phase,to begin from October,we will sell land parcels in New Delhi and Kolkata,residential colonies in Coimbatore,Chennai and Bangalore. Flats in Mumbai’s Pali Hill and Kolkata will also be put on the block,” said the official.

Air India’s joint managing director Nasir Ali is the incharge of the asset monetisation programme of Air India. To ensure transparency in the asset sale,Air India has formed a three-member committee to monitor the auction process.