The Indian Minister for Civil Aviation told local media Air India has planned to monetize its unutilized and surplus immovable real estate assets over the next few years.
Minister Jayant Sinha laid out on Thursday the government has prepared a revival plan for Air India, the national carrier
This plan aims to provide for a comprehensive financial package, differentiated strategies for each of theStar Alliance member airline’s core businesses and robust organizational reforms.
Various initiatives to turn around the carrier, which is staying afloat on a bailout package extended by the previous government, including monetization of real estate assets.
A comprehensive financial package, including the transfer of non-core debt and assets to a Special Purpose Vehicle, implementation of a robust organisational and governance reforms by the board and differentiated business strategies for each of the core businesses of Air India is part of the plan.
The Minister of State for Civil Aviation also said that Air India has planned to monetise its unutilised and surplus immovable real estate assets over the next few years.
The minister also said that amount of revenue likely to be generated from monetisation of land and properties depends on the bid process and subject to no-objection certificates from authorities concerned.