Question : Sale of Air India Property

(a) whether Air India has to garner funds to the tune of Rs. 5,000 crore between April, 2014 and March, 2021 with an annual target of Rs. 500 crore from FY, 2013 onwards and if so, the details thereof;

(b) whether Air India had put 14 properties on sale in various cities such as Mumbai, Kolkata, Chennai, Bengaluru, Pune and Amritsar and if so, the details thereof;

(c) whether Air India has mopped up Rs. 543.03 crore from monetization of its assets in prime locations such as Mumbai and Chennai and if so, the details thereof;

(d) whether Air India plans to mop up Rs. 700-800 crore by selling over 70 residential and commercial properties spread across the country and if so, the details thereof; and

(e) whether it is also true that theproperties, which are spread over 16 cities across the country, are likely to be auctioned through the State run auction MSTC and if so, the details thereof?

The Minister of State in the Ministry of CIVIL AVIATION
(Shri Jayant Sinha)

(a): The Cabinet Committee on Economic Affairs (CCEA) approved the Financial Restructuring Plan (FRP) and Turn Around Plan (TAP) for Air India (AI) in the year 2012. It also approved monetization of real estate assets in AI to the tune of Rs.5000 crore over the next 10 years period with the annual target of Rs.500 crore from the Financial Year 2013 onwards.;
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(b): Yes, Madam. The details of 14 Air India properties put on sale vide advertisement dated 03rd October 2018 in various cities are given in Annexure.;
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(c): Till date, Air India has realized an amount of Rs.410 crore through sale of its non-core assets in various cities in India and abroad. AI has also realized a rental income of Rs.314 crore approximate. A total of Rs.724 crore has been realized by assets monetization and space rentals.;
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(d): Air India has initiated e-auction through MSTC for the sale of some of its non-core assets comprising of residential and commercial properties spread across the country.;
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(e): Yes, Madam. AI''s properties in the following cities have been identified for auction through MSTC:-;
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1. Amritsar; 2. Agartala; 3.Bhuj; 4. Bengaluru; 5.Chennai; 6. New Delhi; 7. Gwalior; 8. Hyderabad; ;
9. Imphal; 10. Kolkata; 11. Lonavala (Maharashtra); 12. Mangalore; 13. Mumbai; 14. Nasik; 15.Tiruvanthapuram; 16.Pune.