State Bank of India is to buy Air India’s Mumbai properties for a total amount of Rs. 90 Crores as a part of national carrier’s plan in order to unlock the value in its land assets.

India’s largest lender, State Bank of India (SBI) has bought the properties of Air India in South Mumbai and the cash-starved national carrier for Rs. 90 Crores.

They have got all the approval documents for buying the Air India properties. Some more need to be completed with required fields to be filled. SBI is strictly waiting for that to finish.

After the purchase, the bank wants to give these flats to top executives of the rank of Deputy Managing Directors and General Managers also.

There are four flats at Peddar road in South Mumbai for sale. Air India thought of selling this since last two years.

There were e-auction floated bids for these flour flats in the month of August, 2013.

The 3 BHK flats are of 2,033 sq ft in carpet area and the idea of selling these is a part of the national carrier’s plan to unlock the value in its land assets.

To a total amount of Rs. 5000 crore in a time period of 10 years, Air India planned to bridge the mismatch in its both revenue and expenditure.

The decision to sell these flats is part of the national carrier’s plan to unlock the value in

As a result, the selling proposal has been sent to the Civil Aviation Ministry for approval.

Finally the flats were sold out for the loads that are longing for Air India with the State Bank of India.