Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

But the job is not done yet!
Vote for the deserving candidate this year.

Check your mail to know more

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
SPONSORED BY
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

Air India to Sell 2 Properties to SBI, May Fetch Rs 50 Crore

Saddled with more than Rs 50,000 crore debt, Air India recently sought loans worth over Rs 1,500 crore to meet working capital requirements.

PTI

Updated:November 5, 2017, 12:37 PM IST
facebookTwittergoogleskypewhatsapp
Air India to Sell 2 Properties to SBI, May Fetch Rs 50 Crore
Photo for representation/Reuters
Loading...
New Delhi: Scouting for funds, Air India is in advanced discussions with public sector lender SBI for sale of at least two residential properties that could net nearly Rs 50 crore, airline and banking sources said.

While the government moves ahead with the process for strategic stake sale, the loss-making airline continues to work on the strategy to divest non-core assets.

Saddled with more than Rs 50,000 crore debt, Air India recently sought loans worth over Rs 1,500 crore to meet working capital requirements.

Against the backdrop of the severe financial crunch, the airline's talks with the State Bank of India (SBI) assumes significance in terms of raising additional monetary resources.

The discussions between Air India and SBI are at an advanced stage with respect to sale of two residential properties in South Mumbai, sources told PTI.

While the final contours of the deal are being worked out, an airline source said the sale is expected to fetch around Rs 46 crore.

Despite trying to dispose of such assets, so far Air India has managed to sell only four of its flats in Mumbai to SBI for Rs 90 crore.

These properties are located at upmarket Peddar Road in South Mumbai.

The carrier has been in possession of some properties which are lying vacant and unused for a long time. These include parcels of land as well as residential and commercial estate in India and abroad.

Among others, the carrier has leased out almost the entire space at its previous headquarters at Nariman Point to various government agencies.

As per the turnaround/financial restructuring plan approved by the Cabinet Committee on Economic Affairs (CCEA) back in 2012, Air India is required to monetise its assets and generate Rs 5,000 crore by way of sale, leasing or developing an asset as a joint venture.

Under the plan, the carrier is to get financial assistance to the tune of Rs 30,000 crore over a 10-year period.
| Edited by: Huma Tabassum
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
 
T&C Apply. ARN EU/04/19/13626
 
Most Active
Company Price Change %Gain
Reliance 1,363.85 1.38
Indiabulls Hsg 744.20 1.40
Yes Bank 232.70 -2.37
HDFC Bank 2,245.30 -1.03
PC Jeweller 126.90 -1.78
Company Price Change %Gain
SpiceJet 127.25 1.68
Yes Bank 232.85 -2.33
Jet Airways 169.90 9.90
Reliance 1,363.30 1.38
Indiabulls Hsg 745.30 1.68
Top Gainers
Company Price Change %Gain
ONGC 163.75 3.70
Zee Entertain 409.15 3.18
Sun Pharma 468.55 3.09
Bajaj Finance 3,035.05 1.46
Indiabulls Hsg 744.20 1.40
Company Price Change %Gain
ONGC 163.95 3.93
Sun Pharma 468.50 3.08
Bajaj Finance 3,035.50 1.47
Coal India 255.35 1.45
Reliance 1,363.30 1.38
Top Losers
Company Price Change %Gain
Maruti Suzuki 7,048.90 -3.72
Yes Bank 232.70 -2.37
IndusInd Bank 1,651.35 -2.34
Tata Steel 523.35 -2.03
Hero Motocorp 2,638.05 -1.91
Company Price Change %Gain
Maruti Suzuki 7,042.65 -3.60
Yes Bank 232.85 -2.33
IndusInd Bank 1,654.60 -2.18
Tata Steel 523.80 -2.15
Hero Motocorp 2,637.10 -1.74

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results