Air India receives bids for assets put on the block

Air India, which is undergoing the divestment process, has received nine bids with respect to the tender issued for sale of its assets so as raise funds and reduce its debt burden. The airline had earlier invited bids twice, but had failed to get any response. Air India had decided to put several flats, bungalows and plots in 12 cities for sale with a base price of Rs 3.65 billion. Of these properties, assets worth Rs 2.56 billion are in Mumbai. The online bidding process is being conducted by state-run MSTC India, while Cushman & Wakefield Property Advisors has been roped in as the realty firm. Meanwhile, the airline is looking at raising Rs 5 billion by selling land and real estate in 2018-19.