RBI bids for Air India's iconic Nariman Point tower

After facing a huge debt, Air India in December floated a tender to sell its 23-storeyed tower as part of a larger asset-monetisation plan.

Published: 16th April 2019 03:51 PM  |   Last Updated: 18th April 2019 08:33 AM   |  A+A-


RBI (File Photo | PTI)

By Express News Service

NEW DELHI:  After LIC and Jawaharlal Nehru Port Trust (JNPT), now the Reserve Bank of India (RBI) has expressed its interest in the Air India’s iconic tower at Nariman Point in Mumbai, located at  Marine Drive.According to sources in Air India, the RBI has approached the national carrier and offered to take the whole building on lease as well as a rental of 10 years.

“RBI is interested in taking the whole tower on lease. They are also offering advance payment for 10 years. The offer is being considered and no decision has been taken so far,” an Air India executive aware of the process told this paper.The executive, however, refused to divulge further details on the payment offered for the bid.

After facing a huge debt, Air India in December floated a tender to sell its 23-storeyed tower as part of a larger asset-monetisation plan. That time, it had  allowed only government entities to participate in the bidding for leasehold rights.

Earlier, LIC and JNPT were also in the race of acquiring the building, but they had offered to buy the building rather than rental. Built in 1974, the building was designed by US architect John Burgee and was the first centralised air-conditioned office in India. Despite so many towers springing up in the neighbourhood, it still remains a landmark on Mumbai’s skyline, identified by a centaur icon on top. The building served as the AI headquarters till 2013, before it was shifted to Delhi.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp