Air India's Real Estate Sell-Off Fails to Take Flight
Air India's attempt to sell 56 properties across India has been met with little interest, with less than 10 properties sold so far.
Air IndiaReal EstateAsset SaleMumbaiPuneReal Estate PuneJul 12, 2024
The properties, mostly residential units, had a reserve price ranging from ₹16 lakh to ₹8 crore and were located in major cities such as Mumbai, Delhi, Pune, Bengaluru, Chennai, and Kolkata. One of the properties up for sale was a plot with 14 flats, totaling 2,030 sq. m in Pali Hill, an upscale neighborhood in Mumbai.
The lack of interest in Air India's real estate assets is a blow to the airline, which is struggling to stay afloat. The airline has been making losses for several years and is looking for ways to raise capital to stay operational. The sale of real estate assets was seen as a way to generate some much-needed funds.
Information
Air India is India's national carrier and is owned by the Government of India. The airline has been facing stiff competition from private carriers and has been struggling to stay profitable. Despite efforts to revamp its operations, the airline continues to make losses.
Air India Ltd is a state-owned airline based in New Delhi, India. It is one of the largest airlines in India and operates a fleet of over 100 aircraft. The airline was founded in 1932 and is a member of the Star Alliance.
Keywords Air India, real estate, asset sale, Mumbai, Pune
Frequently Asked Questions
How many properties did Air India put up for sale?
Air India put up 56 properties for sale in April.
What was the reserve price of the properties?
The reserve price of the properties ranged from ₹16 lakh to ₹8 crore.
Where were the properties located?
The properties were located in major cities such as Mumbai, Delhi, Pune, Bengaluru, Chennai, and Kolkata.
Why did Air India sell its real estate assets?
Air India sold its real estate assets to raise capital to stay operational.
How many properties did Air India manage to sell?
Air India managed to sell less than 10 properties.
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