Govt may sell AI’s iconic Mumbai building to JNPT
NEW DELHI: The government has started discussions for sale of Air India’s (AI’s) iconic building in Mumbai to the country’s biggest container port Jawaharlal Nehru Port Trust (JNPT) as part of its efforts to raise funds for the cash-strapped national carrier, people familiar with the matter said. The people told PTI that the proposal has received in-principle approval from Prime Minister Narendra Modi, following which an inter-ministerial panel has been set up to work out the modalities. Air India’s 23-storey building at Nariman Point, Mumbai, which was also once the airline’s headquarters, is a prime property and is likely to fetch high valuations. The proposal to sell the building to stateowned JNPT also comes after the government’s efforts of Air India strategic disinvestment failed to take off. “A committee comprising secretaries from the civil aviation and shipping ministries has been set up to decide on the valuation of the building,” one of the people cited above said. Air India and JNPT come under the civil aviation and shipping ministries, respectively. At present, the thinking is that the name of the building would not be changed after sale to JNPT. It is commonly known as ‘Air India building’, the people said. The broader contours of the proposed deal are still being worked out.
A query sent to AI spokesperson about the proposal did not elicit an immediate response.