Air India has been in possession of some properties which are lying vacant and unused for a long time.Photo: MintNew Delhi: Scouting for funds, Air India is in advanced discussions with public sector lender SBI for sale of at least two residential properties that could net nearly Rs50 crore, airline and banking sources said. Saddled with more than Rs50,000 crore debt, Air India recently sought loans worth over Rs1,500 crore to meet working capital requirements. Against the backdrop of the severe financial crunch, the airline’s talks with the State Bank of India (SBI) assumes significance in terms of raising additional monetary resources. The discussions between Air India and SBI are at an advanced stage with respect to sale of two residential properties in South Mumbai, sources told PTI. Despite trying to dispose of such assets, so far Air India has managed to sell only four of its flats in Mumbai to SBI for Rs90 crore.

Source: Mint November 05, 2017 07:18 UTC