State-owned Life Insurance Corporation (LIC) and the Maharashtra state government have submitted bids for the former headquarters of Air India (AI, Delhi International) in Mumbai, the Times of India has reported.
The debt-ridden Indian flag carrier is trying to sell the 23-storey skyscraper in the Nariman Point neighbourhood to improve its cash standing. It hopes to raise INR15 billion rupees (USD215 million) from the sale.
Another state-owned entity, the Jawaharlal Nehru Port Trust (JNPT), which previously showed interest in acquiring the property, did not finally submit a bid by the December 31 deadline.
According to a tender launched on December 10, 2018, only state-owned entities were invited to submit bids for the skyscraper.
The building was built in 1974 and served as Air India's headquarters until the carrier's takeover of Indian Airlines (Delhi International) in 2007. Subsequently, the airline's management relocated to Delhi. Air India mostly vacated the skyscraper in 2013 but continues to own the entire building and uses five storeys for its offices. Currently, Air India nets some INR1.1 billion rupees (USD15.7 million) per annum in rent from the building.
