New Delhi, Nov 18: Debt-laden Air India will soon sell four residential flats in Mumbai to public sector lender SBI for about Rs 90 crore as the airline looks to raise funds by sale of certain assets.
The proposal, which has been in the works for some months, was recently approved by the Cabinet, sources said.
These flats are the Sterling Apartments on the upmarket Peddar Road in South Mumbai. Earlier efforts to sell the four posh flats did not materialise.
In August 2013, the national airline had floated bids for e-auctioning of these four flats. Each of these 3-BHK flats measures 2,033 sqft in carpet area.
The effort, part of its Rs 5,000 crore land monetisation programme, however, did not elicit good response.
Air India, whose debt burden is about Rs 40,000 crore, is surviving on a bailout package approved in 2012.
