Air India mops up Rs724 crore via assets monetisation plan
The Cabinet Committee on Economic Affairs approved the Financial Restructuring Plan and Turn Around Plan for Air India in the 2012
New Delhi: National carrier Air India has realised as much as Rs 724 crore through its assets monetisation programme as well as from space rentals, Parliament was informed Thursday.
Of this, an an amount of Rs 410 crore has been mopped up till date through sale of its non-core assets in various cities in India and abroad, Minister of State for Civil Aviation Jayant Sinha said in a written reply to the Lok Sabha.
“Till date, Air India has realized an amount of Rs 410 crore through sale of its non-core assets in various cities in India and abroad. AI has also realized a rental income of Rs 314 crore approximate. A total of Rs 724 crore has been realized by assets monetization and space rentals,” Sinha said.
The Cabinet Committee on Economic Affairs (CCEA) approved the Financial Restructuring Plan (FRP) and Turn Around Plan (TAP) for Air India (AI) in the 2012.
It also approved monetization of real estate assets in Air India to the tune of Rs 5,000 crore over the next 10 years period with the annual target of Rs 500 crore from fiscal 2013 onwards, he said.
Sinha said Air India has initiated e-auction through MSTC for the sale of some of its non-core assets comprising of residential and commercial properties spread across the country.
As many as 16 properties across Amritsar, Agartala, Bhuj, Bengaluru, Chennai, New Delhi, Gwalior, Hyderabad, Imphal, Kolkata, Lonavala (Maharashtra), Mangalore Mumbai, Nasik, Tiruvanthapuram and Pune have been identified for auction through MSTC, the minister said.
He also said that 14 Air India properties various cities have been put on sale.
Replying to another member’s question the minister said that Air India expects to save up to Rs 8-10 crore per annum from its decision to stop serving non-vegetarian food on board its domestic flights.
Non-vegetarian meals have been discontinued in the economy class of domestic Sector flights from June 2017 to save costs, reduce wastage, improve service and also avoid any chances of mix up of meals, Sinha said in the reply.
The expected annual saving is Rs 8-10 crore per annum, he said.
- Govt eases procedure for startups to seek tax exemption on investments from angel funds
- Govt panel likely to meet on Jan 24 to appoint new CBI Director: Sources
- Cabinet panel approves trebling of Numaligarh refinery capacity at Rs 22,594 crore
- From airport closure to IPOs, how partial shutdown is upsetting US economy
- RBI governor Shaktikanta Das to meet industry chambers tomorrow
Editor's Picks »
- India to bar private refiners from tapping Iran oil quota
- Snapdeal partners with RBL, Federal Bank to penetrate non-metro markets
- Apple releases cases with built-in batteries for iPhone XS, XS Max, XR
- Cabinet approves ₹6,000 crore capital infusion in Exim Bank
- Apax Funds invests $200 million in Fractal Analytics
- Why Tata Motors’ Project Charge at JLR is failing to recharge its shares
- Outlook on global profit growth worst since 2008 financial crisis
- Q3 results: ICICI Securities loses its retail broking crown
- High drug approvals to keep up pricing pressure for pharma firms
- Roads sector: Toll collections set to surge, but risks loom for developers