Air India Ltd’s plan to sell an iconic building in Mumbai has come under a cloud due to the changed political scenario in Maharashtra, potentially affecting plans of the cash-strapped carrier to raise funds.
Bharatiya Janata Party’s (BJP) exit from the helm in Maharashtra would probably junk a plan by the state government to buy the 23-storey tower at Nariman Point for as much as ₹1,400 crore, which former chief minister Devendra Fadnavis was keen on, said two people familiar with the matter. The building was the flag carrier’s headquarter till 2013 when it vacated the property as part of asset-monetization plans.
Air India had initially set about ₹1,500 crore as the reserve price for the 220,000 sq. ft building, designed by American architect John Burgee.
