Approval for sale of plot of land of Air India located at Pankaja Mills Road, Coimbatore

No: --- Dated: Dec, 16 2015

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for sale of plot measuring 0.99 acres belonging to Air India located at Pankaja Mills Road, Coimbatore for a consideration of Rs.19.81 crore. 

Background: 

Air India has decided to sell its plot of land at Pankaja Mills Road, Coimbatore, measuring about one acre to National Building Construction Corporation Ltd. (NBCC) at a consideration of Rs.19.81 crore. The sale process was undertaken by way of e-tender through M/s Metal and Scrap Trading Corporation (MSTC). 

As Air India was incurring losses for several years, it was decided by the Government that in order to augment its non-tax revenues, Air India should monetize by way of sale/ lease/joint venture its immovable properties which are lying unutilized. As a part of this exercise this plot of land is being sold to NBCC.