Air India may sell iconic Nariman Point property to shipping ministry

New Delhi: The iconic Air India building on Queen’s necklace in Mumbai may be consumed by the survival woes of the national carrier.

A plan is under way to sell the 23-storey prime property to raise funds for the cash-strapped airline. Sources said the shipping ministry is considering a proposal to buy the premium real estate.

“The proposal has been presented to the shipping ministry. There are 12 major ports under the shipping ministry, which have sufficient cash reserve. This can be used to buy the Nariman Point property,” a source said.

The source further said the proposal was mooted following a directive from the prime minister’s office (PMO) a few days ago. It was discussed in the parent aviation ministry with Air India officials and taken forward.

The shipping ministry is examining the possibility of making an outright purchase or leasing the building out on long-term agreement. A final decision would be taken after discussions with the chiefs of major ports.
25/06/18 Asian Age

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