(a) whether Air India proposes to sell and lease the properties in the country and abroad;
(b) if so, the details thereof and the reasons therefor;
(c) whether Air India has incurred huge expenditure in maintaining these properties;
(d) if so, the details thereof during each of the last three years and the current year;
and
(e) the estimated amount of revenue earning as a result of selling and leasing of the said
properties?
Minister of CIVIL AVIATION ( SHRI AJIT SINGH )
(a) to (e): A Statement is laid on the Table of the House.
STATEMENT IN REPLY TO PARTS (a), (b) ,(c), (d) and (e) OF LOK SABHA STARRED QUESTION NO.55
TO BE ANSWERED ON 27.02.2013 REGARDING PROPERTIES OF AIR INDIA
(a), (b) and (e): Yes, Madam. As per Turn Around Plan(TAP) and the Financial Restructuring
Plan(FRP) approved for it by the Government, Air India is required to monetize its
assets in India and abroad to raise Rs.5000/- crore over a period of 10 years. Accordingly,
Air India has appointed a global real estate consultant for it. Besides for floors
of Air India Headquarters building at Nariman Point, Mumbai, which have been given on lease
to State Bank of India on an annual rent of Rs.14.4 crore, the following properties have been
identified for monetization:
i) Land at Chennai, Coimbatore and Kolkata,
ii) Residential plot at DLF Phase-III, Gurgaon,
iii) One residential apartment at Middleton Street, Kolkata and
iv) Four unoccupied flats in Sterling Apartment, Mumbai
(c) and (d): No, Madam. Air India incurs only a bare minimum expenditure on its maintenance
and towards property taxes.