Air India to raise Rs 500 crore by selling real estate assets
National carrier Air India will sell some of its prime real estate across the country to raise Rs 500 crore. The airline might sell properties like its 4-acre piece of land at Delhi’s Baba Kharak Singh Marg, a residential colony in Vasant Vihar, some land in Chennai and some plots in Mumbai’s Pali Hill region with 14 houses.
The government will create a special purpose vehicle for Air India to house its working capital debt of around Rs 35,000 crore and some land assets. It will have divested its stake in the airline by December.