Air India has sold 115 properties since 2015 to pay off debts

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New Delhi, 29 June 2021 Thursday

In a written reply to a question in the Lok Sabha on Thursday, state-level civil aviation minister VK Singh said Air India had identified 111 parcels of its assets to raise money. Of these, 106 parcel assets are in India and the remaining five are foreign assets. He said the parcel of 11 properties has 211 units, which are under sale.

VK Singh said Air India has so far earned Rs 738 crore from the sale of 115 properties between 2015 and July 12, 2021. In addition, Air India gets Rs 100 crore annually from lease rental revenue. Notably, the central government is currently preparing to sell Air India.

As per the 2018 decision of Air India Specific Alternative Mechanism (AISAM), Air India, which is bound to disinvest, is raising cash by selling its fixed assets to meet its debt. As on March 2019, the company had a debt of about Rs 60,000 crore.

According to VK Singh, the Airports Authority of India (AAI) has earned Rs 30,069 crore by 2020-21 through its joint venture airports and Public Private Partnership (PPP) airports. These airports are operated by private companies. Currently, many of AAI's major airports (Delhi, Mumbai, Bangalore, Hyderabad and Nagpur) are operated by private companies.

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