State acquires Air India building for Rs.16 billion
AVIATION & AIRPORTS

State acquires Air India building for Rs.16 billion

The state government’s decision to buy the iconic Air India building at Nariman Point for Rs.16 billion has been approved by the Maharashtra state cabinet. The building was constructed in 1974 on land owned by the state government. The 23-storey building was put up for sale in 2018 ...

The state government’s decision to buy the iconic Air India building at Nariman Point for Rs.16 billion has been approved by the Maharashtra state cabinet. The building was constructed in 1974 on land owned by the state government. The 23-storey building was put up for sale in 2018 as part of Air India’s asset monetisation plans. The state government had revised the bid to Rs.16 billion against Air India’s asking price of Rs.20 billion, after the Eknath Shinde government assumed office in June 2022. After the 2012 fire at Mantralaya, four major departments—public health, medical education, water supply and sanitation and rural development—have been operating from GT Hospital. These departments, along with others, will be shifted to the Air India building. In a related development, Tata-owned Air India (AI) has entered into a commercial lease agreement to occupy seven floors, spanning 0.18 million sq ft in Vatika One on One, situated in Gurugram’s Sector 16, for a duration of five years at an annual rent of `240.5 million. The Vatika office complex encompasses a 12-acre campus and provides seamless connectivity to the international airport.

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Infrastructure Energy

Tata Steel Partners with NMDC and OMC to Ensure Future Iron Ore Supply

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EAM Jaishankar Discusses Key Issues with Japanese Envoy to India

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Real Estate

Bengaluru Developers Ozone Urbana Face Allegations of Rs 33 bn Fraud

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