The Union Cabinet on Wednesday approved the sale of a plot measuring 0.99 acres of Air India at Pankaja Mills Road in Coimbatore for a consideration of Rs.19.81 crore.
The sale process was undertaken by way of e-tender through 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 monetise by way of sale, lease and joint venture its immovable properties, which are lying unutilised.
As a part of this exercise this plot of land is being sold to National Building Construction Corporation Ltd. (NBCC).