Air India to raise salaries of employees by selling the 23-story historic building

Jul 13 2018 02:36 PM
Air India to raise salaries of employees by selling the 23-story historic building
Air India will raise money to pay salaries to employees by selling its 23-storeyed historic building 'Air India Bhawan' located in posh Nariman Point area of Mumbai. This was stated by Union Road Transport and Highways Minister and Shipping Minister Nitin Gadkari, who is also a member of the ministerial group for the disinvestment of Air India. In a special talk with a source, Nitin Gadkari said that Air India is currently struggling to pay employees' wages, so it needs money. 
 
In order to fulfil this need, a 23-storey building in Nariman Point area of Mumbai will be sold. It will buy the Jawaharlal Nehru Port Trust (JNPT) working under the Ministry of Shipping. He said that at this time the Ministry of Shipping and the Ministry of Civil Aviation are working to assess the value of this building. They say that the Air India building of Nariman Point is the pride of the country and it has an emotional connection with it. So they want to buy it at JNPT. This building was built in 1974. No intention of selling Air India at any cost, Gadkari said that the right time for the airline is not currently being seen. The rising fuel prices of aeroplane (ATF) have spoiled the financial condition of the companies, so there is no company to buy Air India.
 
Until then, till the end of May 31, no buyer came forward to buy it. If there is any haste on the part of the government about this, a message can be sent in the market that it will be sold at any cost, while there is no such intention.  Rs.48,877 crore debt was there on the company in March 2017 on Air India. Indigo had shown interest to buy it, but after that, it backed off. It is said that the private company is not agreeing to the terms set by the government to sell Air India.
 
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