Air India's employee union opposes auction of assets

While the beleaguered airline Air India is deliberating selling some of its properties as part of its asset monetization plan, the employees union associated with the national carrier has opposed this

Published: 14th September 2018 02:28 AM  |   Last Updated: 14th September 2018 06:52 AM   |  A+A-

Air India

For representational purposes (File | PTI)

By Express News Service

NEW DELHI: While the beleaguered airline Air India is deliberating selling some of its properties as part of its asset monetization plan, the employees union associated with the national carrier has opposed this.
Sources said that after planning to sell the Mumbai-based Air India building, the management of the airline is mulling to start another round of auction of its assets. This time, land and apartments at various locations have been considered for the auction aiming to garner Rs 300 crore.

Recently, Air Corporation Employees Union (ACEU) urged the Air India management to reconsider its plans to sell the iconic Air India Tower. It also suggested that secured loans should be availed against the building, which can be utilised for retiring high-cost working capital borrowings.

Officials said that the airline has so far in this fiscal received Rs 1,630 crore as equity infusion from the government. Following the financial support from the Centre, the airline has been working hard to put its grounded aircraft back into the skies. The grounded aircraft include A320s and B787 Dreamliners.
In the last six years since the turnaround plan was put into execution, the airline has done well on some parameters but its overall performance remains far from satisfactory.

Earlier, in March, the Civil Aviation Ministry had informed Parliament that the airline had mopped up Rs 543.03 crore till then from monetisation of its assets in prime locations such as Mumbai and Chennai.

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  • Rajan

    Where were ACEU when the airline was merged.They must have fallen prey to the Minister design by agreeing to some short term benefits. Rajan
    8 days ago reply