Mahagovt places highest bid for Air India building
If things go in its favour, the state government may take over the loss-making Air India’s iconic eponymous building at Nariman Point. It has bid Rs 1,400 crore for the 23-storey property, the national carrier’s erstwhile headquarters that was put up for sale last year. The offer, however, is Rs 200 crore less than the building’s reserve price. The airline has a debt of Rs 50,000 crore and proceeds from the sale will go towards paying it off. It had recently asked for aRs 30,000-crore bailout package from the finance ministry, which was rejected. The state-owned Jawaharlal Nehru Port Trust (JNPT) and Life Insurance Corporation have also bid Rs 1,375 crore and Rs 1,200 crore, respectively, for the building, said Air India sources.
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