Air India's property auction starts on July 8; aims to raise Rs 270 cr

State-owned carrier Air India will start a property auction on July 8, which includes apartments and commercial spaces across major cities. The debt-laden national airline is seeking to raise Rs 270 crore via this auction.

It's a part of its asset monetisation plan amidst the disinvestment process. At least 28 properties will be auctioned initially from 2 pm on July 8 until 2:30 pm on July 9 when the e-bidding will close, according to details posted on the MSTC e-commerce website that specialises in conducting e-auctions.

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Inspection of the properties was opened to the public on June 20 and will close today (July 7). Only those, who have registered on the website, can take part in the e-auction for a particular property. This process may take around 60 days to complete.

Air India had announced the e-auction of the properties on June 18. The auctioned properties include residential and commercial properties as well as plots located across major cities.

The bids start from Rs 13.3 lakh till about Rs 150 crore, and the airline expects to raise a minimum of Rs 270 crore from the sale of all the properties, according to a tender document issued by the airline. Some properties in the auction were on sale multiple times in the past but were unable to attract bidders.

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