Air India looking to monetize property in Delhi amid financial crisis

State-owned NBCC has received "in principle" nod from Air India to monetize the debt-laden airline's two prime properties in the national capital, according to a regulatory filing.

The national carrier, which is facing financial headwinds, has been looking to monetize its non-core assets.

In a filing to the stock exchanges Wednesday, NBCC said it has received "in principle approval from Air India to monetize/ re-development of Air India Land parcel at Baba Kharag Singh Marg, Connaught Place and Vasant Vihar in the national capital".

The property at Vasant Vihar is spread across 30 acres and it houses Air India's staff colony while the property at Baba Kharag Singh Marg is spread across 3.54 acres.

The debt burden of the airline is estimated to be more than Rs 50,000 crore.

After the proposed strategic disinvestment of Air India did not find any takers in May, the government has been looking at ways, including the sale of non-core assets, to bolster the carrier's fortunes.