The cash-strapped National carrier Air India (AI) has put up its iconic 23-storey building located in Nariman Point on sale in order to raise funds.
According to DNA, only government entities are allowed to participate in the bidding for acquiring leasehold rights of the land and building on “as is where is basis.” The reserve price for the building hasn’t been decided by AI. The tender said, “Air India invites sealed bids from government entities for sale of leasehold rights of the land, and its iconic Air India building constructed hereon at Nariman Point, Mumbai, on as is where is basis.”
The reserve price for the building hasn’t been decided and the last date for submitting the bid is December 31, said the report. The property is spread across on 7512.60 sq metre land and the 23-storey building was as leased from Mumbai district collector on a 99-year lease. The building’s 17 floors have been rented, while the 22nd floor is used by the company for its own purpose. According to the tender, the new bidder wouldn’t be allowed to change the name of the building and also the AI logo on top.