LIC likely to buy Air India property in New Delhi worth Rs 800 crore

“LIC has showed interest in the land and they also had a meeting with our chairman, which went well. We have no issues in selling it to LIC as long as the price is around Rs 800 crore, which they have also assured us. The best thing about selling it to a public sector company is that there is no scope for allegations of corruption in such deals,” said a senior Air India official.

The official further said that Air India hopes to close the deal. “The deal would have moved much ahead but the property deed of the land is not available. We have asked the urban development ministry for the land deed, which should come soon. The moment it comes, we should be through with the sale,” the official said.

Sale of this land near the Connaught Place area of New Delhi is crucial, as the money earned from this sale would help the airline in becoming EBIDTA positive.

Sale of property in India and outside to raise Rs 5,000 crore is a crucial component of the airline’s turnaround plan, which also includes infusion of over Rs 30,000 crore over a period of nine years by the government.

In the next financial year, the airline has targeted to raise Rs 500 crore through sale of property that includes employees’ housing colony at

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