The Maharashtra government has been given ownership of the renowned Air India building situated at Nariman Point in Mumbai for a sum of ₹1,601 crore. This decision was approved by the central government, as confirmed by a senior official on Thursday.
To facilitate this transaction, the state government has agreed to waive off dues amounting to ₹298.42 crore owed by AI Assets Holding Company (AIAHL) to the state. AIAHL, a special purpose vehicle (SPV) under government control, manages non-core assets that were not part of Air India’s strategic sale to the Tata group for ₹18,000 crore, which concluded in early 2022.
Following the cabinet’s approval for Air India’s sale in October 2021, it was decided that the airline’s non-core assets, including land and buildings valued at ₹14,718 crore, would be transferred to AIAHL. Initially, the SPV also held Air India’s debt, which was later cleared by the government.
In November 2023, the Maharashtra cabinet sanctioned the acquisition of the 23-storey Air India building, constructed in 1974 on land owned by the state government. It was stated that around 46,470 square meters of space in the building would be utilized by the state government for its administrative purposes.
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