National carrier Air India has sold its 115 properties for ₹738 crore since 2015 to offset its debt, Minister of State for Civil Aviation VK Singh told the LokSabha on Thursday, July 29.
Responding to a question from Member of Parliament Gurjeet Singh Aujla, Singh said Air India has sold 115 units of real estate assets between 2015 and 2021 (up to July 12). The carrier had a debt of around ₹60,000 crore as of March 2019, reported LiveMint.
Singh said the airline had identified 111 parcels of properties for monetisation, out of which 106 parcels of properties were in India and the rest five were overseas properties. He added that the 111 parcels of properties consisted of 211 units that were up for monetisation.
E-Auction To Sell Assets
Earlier this month, the national carrier held an e-auction to sell several properties, including offices, flats, and staff quarters at major metros such as New Delhi, Mumbai, Kolkata, Ahmedabad, Bengaluru, Mangaluru, Nashik, and Nagpur.
These properties reportedly included residential units at New Delhi's Asian Games Village Complex, flats at Bandra's Pali Hill neighbourhood, flats at Kolkata's Golfgreen locality, and the airline's booking office at Nagpur, among others.
The e-auction, which closed on July 9, generated some interest from buyers and investors, considering the COVID pandemic, a senior Air India on the condition of anonymity. The official added that the carrier aims to raise about ₹200 crore to ₹300 crore from its asset monetisation plan during the ongoing fiscal year.