A number of properties belonging to debt-ridden Air India will soon be developed by National Buildings Construction Corporation (NBCC) in a bid to help the airline monetise its surplus land assets. The properties include — a 3.54 acre land parcel at Baba Kharak Singh Marg in New Delhi, a 1.3 acre commercial plot in Anna Salai in Chennai and a 3 lakh sq ft office space in the Air India Building at Nariman Point in Mumbai.
The airline has been under financial stress for several years now and has been looking for options to reduce its debt. It’s outstanding debt and working capital loans stood at Rs 26,033 crore and over Rs 21,125 crore respectively as on December 31, 2013.
Within the Memorandum of Understanding signed with Air India in 2014, National Buildings Construction Corporation (NBCC), a state-owned real estate developer, will develop the properties owned by the carrier and will either share profits on the development or charge a fee for the same.
23/01/15 Sandeep Singh/Indian Express
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The airline has been under financial stress for several years now and has been looking for options to reduce its debt. It’s outstanding debt and working capital loans stood at Rs 26,033 crore and over Rs 21,125 crore respectively as on December 31, 2013.
Within the Memorandum of Understanding signed with Air India in 2014, National Buildings Construction Corporation (NBCC), a state-owned real estate developer, will develop the properties owned by the carrier and will either share profits on the development or charge a fee for the same.
23/01/15 Sandeep Singh/Indian Express
