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Rediff.com  » Business » Air India appoints global real estate consultant

Air India appoints global real estate consultant

Last updated on: November 27, 2012 16:11 IST

Air IndiaAir India has appointed a global real estate consultant to examine its properties in India and abroad to raise Rs 5,000 crore (Rs 50 billion) over 10 years through monetisation of assets as part of its financial restructuring plan, Rajya Sabha was informed on Tuesday.

"Air India has appointed a global real estate consultant to examine its properties in India and abroad and to suggest a roadmap for the monetisation of the same.

"The consultant is in process of identification of the properties," Minister of State for Civil Aviation K C Venugopal said in a written reply.

As per its approved Financial Restructuring Plan, Air India is required to raise Rs 5,000 crore over a period of 10 years through asset monetisation, he said.

In reply to a separate question, the Minister said loans taken by Air India as on July 31, 2012 total Rs 47,226 crore (Rs 472.26 billion)  and there was no proposal in the ministry to waive these.

To a another question, Venugopal said the joint venture of Air India and Singapore Airport Terminal Services (AI-SATS) has made a profit of Rs 47.57 crore in 2011-12 fiscal against a profit of Rs 13.62 crore (Rs 136.2 billion) the previous year.

AI SATS was formed to handle ground handling activities at airports to counter competition of new entities in this business following adoption of a new ground handling policy by the government.

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