Maharashtra Government purchased the iconic Air India building in Mumbai for Rs 1,601 crore
By MYBRANDBOOK
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management, stated on X that the Maharashtra government has been granted permission to take ownership of the iconic Air India building at Nariman Point in Mumbai, which was previously owned by AI Assets Holding Company (AIAHL), for a sum of Rs 1,601 crore. The Maharashtra government consented to forgo dues of Rs 298.42 crore from AIAHL.
“GoI has approved the transfer of Air India building, Mumbai of AI Assets Holding Company Ltd (AIAHL) to the government of Maharashtra at a consideration of Rs 1,601 crore.”
“Maharashtra has agreed to waive dues of Rs 298.42 crore, which would have been otherwise payable by AIAHL for this transaction,” Dipam Secretary Tuhin Kanta Pandey said in a post on X.
In 2019, AIAHL under the administrative control of the Ministry of Civil Aviation was set up to hold non-core assets and debt of Air India.
The non-core assets of Air India, including land and building, valued at Rs 14,718 crore was transferred to AIAHL after it was set up by the government as a precursor to the sale of Air India.
On January 27, 2022, the government handed over the ownership of Air India to the Tata Group. In 2021, the group put in a Rs 18,000 crore bid to buy Air India.
The building was established in the year 1974 on land owned by the state government, the building will now be used by it as its office space.
Nearly 46,470 square meters of space will be available for government offices in the 23-storey building.
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