Government to sell its properties leased to Air India

New Delhi Sept 18: The central government has decided to sell some of Air India's real estate properties directly to fast track the disinvestment process of the state-owned carrier.

Recently the officials have discovered that some of the assets are not owned by the carrier but they are on a 99-year lease from the government.

Senior Officials of the Aviation Officials have said that "Properties, where the government has the ownership, will go back to the government, which will sell it on behalf of Air India".

Sources said that the money owed through the sale of properties would be used to clear the debt. Currently, Air India has a debt of RS 52,000 crore out of which RS 33,000 crore is an account of working capital loans.

Government is considering various option to clear the debt such as the sale of subsidiaries separately, sought requests for proposals for the engagement of advisers for strategic disinvestment in Air India and its subsidiaries.