Air India to sell land in Mauritius to NBCC for Rs3.1 crore
1 min read 07 Jul 2017, 06:22 PM ISTNBCC in a BSE filing says Air India agrees to sell its asset measuring one acre land in Mauritius to the construction firm and the transaction will take place within a few days
Premium
New Delhi: Debt-laden Air India will sell land parcel in Mauritius to state-owned NBCC Ltd for Rs3.1 crore amid the government’s decision to divest stake in the national airline.
“Air India has agreed to sell its asset measuring one acre land in the State of Mauritius to NBCC India Ltd and the transaction valuing Rs3.10 crore will take place within a few days," the construction firm said in a BSE filing.
On 28 June, the Cabinet Committee on Economic Affairs gave its in-principle approval for the disinvestment of Air India, which has been in the red for long.
Air India, which has a debt burden of more than Rs52,000 crore, is staying afloat on taxpayers’ money. The previous UPA government had extended bailout package worth little over Rs30,000 crore to the national carrier for a ten-year period starting from 2012.
NBCC Ltd has entered the Mauritius market. It will help develop a social housing project and construct a new Supreme Court building in Mauritius, which together are estimated to cost $50 million.
"Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!" Click here!
