Aviation

NBCC to monetise Air India's two properties in national capital

Updated : September 27, 2018 06:31 AM IST

The national carrier, which is facing financial headwinds, has been looking to monetise its non-core assets.

The property at Vasant Vihar is spread across 30 acres and it houses Air India's staff colony while the property at Baba Kharag Singh Marg is spread across 3.54 acres.

State-owned NBCC has received "in principle" nod from Air India to monetise the debt-laden airline's two prime properties in the national capital, according to a regulatory filing.

The national carrier, which is facing financial headwinds, has been looking to monetise its non-core assets.

In a filing to the stock exchanges Wednesday, NBCC said it has received "in principle approval from Air India to monetise/ re-development of Air India Land parcel at Baba Kharag Singh Marg, Connaught Place and Vasant Vihar in the national capital".

The property at Vasant Vihar is spread across 30 acres and it houses Air India's staff colony while the property at Baba Kharag Singh Marg is spread across 3.54 acres.

The debt burden of the airline is estimated to be more than Rs 50,000 crore. After the proposed strategic disinvestment of Air India did not find any takers in May, the government has been looking at ways, including sale of non-core assets, to bolster the carrier's fortunes.