Aviation

Air India to lease out around 25,000 sq feet space in Kolkata

KOLKATA: After renting out most of the space in its erstwhile iconic tower Air India Building in Mumbai, the national carrier has now started the process to lease out around 25,500 square feet space at the Kolkata office complex.

The airline, which turned operationally profitable for the first time in a decade in 2015-16 fiscal, is pursuing ways to revive its financial fortunes amid stiff competition, reports PTI.

Air India has sought bids for leasing out three of its six-storied building at landmark C R Avenue locality of Central Kolkata. The move is part of its asset monetisation programme, which kick started in 2016, after a delay of almost four years.

“Air India Ltd intends to give on lease and license basis a total built up area of 25,449 sq ft…of its own six-storied building in Kolkata,” as per the Request for Proposal (RFP) document. The area would be leased out on “as is where is basis”.

The technical bids would be opened on February 23 while the financial bids would be opened on March 16. As per the Turn Around Plan/Financial Restructuring Plan approved by the Cabinet Committee on Economic Affairs (CCEA) back in 2012, Air India is required to monetise its assets and generate Rs 5,000 crore by way of sale, leasing or developing an asset as a joint venture. Under the plan, the carrier is to get financial assistance to the tune of Rs 30,000 crore over a ten-year period.

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