The Indian government plans to sell a skyscraper owned by Air India (AI, Delhi International) located in Mumbai's prestigious Nariman Point district in a bid to raise cash for the ailing flag carrier, PTI newswire has reported.

The buyer of the building will most likely by the country's biggest container port Jawaharlal Nehru Port Trust (JNPT), located in Navi Mumbai. JNPT is a state-owned firm but, contrary to Air India, has been posting record profits recently. The 23-storey skyscraper which used to be Air India's headquarters prior to the carrier's relocation to New Delhi in 2013 and is currently mostly leased to commercial tenants.

According to PTI's sources, some within Air India are opposing the move as the building is seen as a cash cow due to high rents it attracts due to its prime location.

After the failed attempt to sell 76% of shares in the debt-ridden flag carrier, the Indian government has pledged to keep financing it for the time being, although it has also recognised the need to further pursue the restructuring of the company. As of March 31, 2017, Air India had an accumulated debt of some INR487.8 billion rupees (USD7.1 billion).