Air India (AI, Delhi International) has sought bids for the sale of 14 real estate properties which the airline hopes will net some INR2.5 billion rupees (USD33.9 million), The Economic Times has reported.
The properties are located in Mumbai, Chennai, Kolkata, Bengaluru, Pune, and Amritsar. The sale includes both commercial and residential real estate. Bids will be solicited through November 1, 2018.
The embattled Indian flag carrier has recently turned to selling its numerous real estate holdings as a way to raise cash to mitigate the burden of the mountain of debt it has amassed. According to a turnaround plan approved by the Indian government in 2012, Air India was due to net some INR5 billion rupees (USD67.8 million) from property sales per annum.
Air India is currently trying to sell its former headquarters in Mumbai, with the state-owned Jawaharlal Nehru Port Trust (JNPT) likely to become the buyer. The 23-storey skyscraper generated INR2.9 billion rupees (USD39.3 million) in lease payments for the carrier between 2013 and January 2018.
The carrier's debt currently exceeds INR500 billion rupees (USD6.7 billion).
