- Monday, February 24, 2025
By: Shubham Ghosh
AIR India, the national carrier of India, has sold its 115 properties for Rs 738 crore ($99 million) since 2015 to offset its debt, minister of state for civil aviation V K Singh said on Thursday (29).
The carrier had a debt of around Rs 60,000 crore ($8 billion) as on March 2019.
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According to a decision taken by Air India Specific Alternative Mechanism in 2018, the carrier has been monetising its immovable assets to offset the debt.
In a written reply to a question in Lok Sabha, the lower house of the Indian parliament, Singh said, “Air India has identified 111 parcels of properties for monetization; out of which 106 parcels of properties are in India and the rest five are overseas properties.”
The 111 parcels of properties consist of 211 units, which are under monetisation, the minister, who is a former Indian Army chief, added.
“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 ($13.4 million) per annum from lease rental income,” Singh said.
The central government is currently in the process of selling Air India and financial bids for the carrier are likely to be received from qualified interested bidders by the middle of September.
