Country’s largest lender (SBI) the State Bank of India has got all the necessary approvals to buy residential properties of Air India in south Mumbai for Rs 90 crore.
“The bank has got all the required approvals and it has conveyed its willingness to buy the properties from Air India. SBI is now waiting for the airline to complete its side of approvals,” sources close to development.
The Bank is planning to allocate these flats to its top executives of the rank of Deputy Managing Directors and General Managers.
Since last two years Air India was looking for buyers who can purchase its four flats at up market Peddar road in south Mumbai.
The decision to sell these flats is a part of the airline’s plan to unlock the value in its land assets.
By confirming the communication from the bank of the proposed real estate deal an Air India official said that the airline has sent the proposal to the Civil Aviation Ministry for its approval.
“The proposal is now with the Ministry for its approval,” the official said.