Ir India has sold realty assets worth ₹738 cr since 2015
Air India has sold 5 properties for ₹738 crore 2015 to offset its debt, minof state for civil aviation V gh said on Thursday. cording to the decision of ndia Specific Alternative hanism (AISAM) in 2018, vestment-bound Air India een monetising its immovassets to offset its debt. The ier had a debt of around 000 crore as on March . his written reply to a quesin Lok Sabha, Singh said on sday, “Air India has identi11 parcels of properties for etisation; out of which 106 els of properties are in sale of 115 units from 2015 to 12th July, 2021. Air India also realises about ₹100 crore per annum from lease rental income.” that financial bids for Air India are likely to be received from qualified interested bidders (QIBS) by September 15 this year.
“Multiple Eois were received by Transaction Advisor. The Eois were evaluated by the Transaction Advisor for selection of QIBS. Request for Proposal (RFP) along with draft Share Purchase Agreement (SPA) have been shared with QIBS by the Transaction Advisor on March 30, 2021, for submission of financial bids,” V K Singh, minister of state for civil aviation, stated.
“The financial bids are likely to be received by September 15, 2021,” he added in a written reply to a question in Lok Sabha.
The Centre has not revealed the names of QIBS as yet.
Of the airline’s total debt of ₹60,074 crore as of March 31, 2019, the buyer would be
Thursday: “Monetization proceeds of non-core assets of Air India are to be used to offset the debt of Air India transferred to AIAHL.” Currently, Air India has been trying to sell a couple of its properties to reduce its debt.
The reserve prices of Air India’s properties were fixed by the airline’s Oversight Committee as the highest value received from three valuers, the minister stated.
“The Oversight Committee approved 10% reduction in the reserved prices of 16 properties after previous attempts to auction the properties failed to attract bidders,” Singh noted.
The Centre had announced in October 2020 that the bidding for Air India would be done