New Delhi sources have reported that airline and banking sources said the scouting for funds, Air India is in advanced discussions with public sector lender SBI for sale of at least two residential properties that could net nearly Rs 50 crore. Accordingly while the government moves ahead with the process for strategic stake sale, the loss-making airline continues to work on the strategy to divest non-core assets. Saddled with more than Rs 50,000 crore debt, Air India recently sought loans worth over Rs 1,500 crore to meet working capital requirements.
Moreover against the backdrop of the severe financial crunch, the airline's talks with the State Bank of India (SBI) assume significance in terms of raising additional monetary resources. Meanwhile the discussions between Air India and SBI are at an advanced stage with respect to sale of two residential properties in South Mumbai.
Further the final contours of the deal are being worked out, an airline
source said the sale is expected to fetch around Rs 46 crore. The carrier has
been in possession of some properties which are lying vacant and unused for a
long time. These include parcels of land as well as residential and commercial
estate in India and abroad.
