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Report: Air India in talks to sell former Mumbai HQ for 20B rupees

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Report: Air India in talks to sell former Mumbai HQ for 20B rupees

Air India Ltd. is considering to sell its former Mumbai headquarters to state-run Jawaharlal Nehru Port Trust for 20.00 billion rupees, Mint (New Delhi) reported, citing an unnamed senior official of the airline.

According to the official, both parties are in the process of determining their own valuations of the 23-story building at Nariman Point, and proceeds from the sale will be channeled towards the partial payment of Air India's debt, which stands at 550.00 billion rupees, the publication noted.

The sale is expected to settle by the end of March 2019.

The property served as Air India's home base until 2013, after it headed off to New Delhi. It spans over 220,000 square feet and houses the office of the directorate general of shipping, State Bank of India and Tata Consultancy Services Ltd.

Jawaharlal Nehru Port did not immediately return an email seeking comment about the discussions, the Sept. 10 report added.

As of Sept. 10, US$1 was equivalent to 72.54 rupees.