AIR INDIA TO RAISE CASH THROUGH PROPERTY SELL OFF

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By admin May 16, 2011 08:53

AIR INDIA TO RAISE CASH THROUGH PROPERTY SELL OFF

Air India is looking to raise more cash by selling off its commercial property assets in India, as well as Europe, the UK, Tokyo, Hong Kong and the US. The move could earn as much as R5,000 crore annually, which would significantly help reduce its R40,000 crore debt.

The airline has recently taken a decision to sell its commercial property in Paris for R10 crore. Air India has recently formed a property committee to devise strategies by which it can monetise its commercial assets. S Venkat, executive director,(finance) and company secretary at National Aviation Company of India (Nacil) that runs AI said: “Our property committee is vetting proposals for either leasing of or selling…off properties across the globe.”

admin
By admin May 16, 2011 08:53
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