Air India (AI, Mumbai Int'l) is nearing the finalisation of a sale of its former headquarters in Mumbai for around INR20 billion rupees (USD278 million) to state-owned Jawaharlal Nehru Port Trust (JNPT), LiveMint has reported.

The debt-ridden Indian flag carrier initially put up the 23-storey skyscrapers in Mumbai's Nariman Point district for sale in June 2018. The building hosted Air India's headquarters until 2013, when it relocated to New Delhi. Despite this, the carrier continues to occupy three top floors in the building.

The valuation is some three times higher than the initial expectation of INR6-7 billion rupees (USD83-97 million).

"The proceeds from the sale of the building will be used to pay off a part of the airline’s debt," an unnamed Air India's official said.

The carrier currently has a net debt of some INR55 billion rupees (USD765 million).