Air India on Thursday entered into a Memorandum of Understanding (MoU) with National Buildings Construction Corporation Ltd (NBCC) here for monetisation of surplus land assets of the national carrier.
It will be a non-binding, non-exclusive agreement and each land asset will be individually evaluated for a particular mode of monetisation.
“The MoU is intended to blend together NBCC’s huge expertise in successful completion of several prestigious projects and Air India’s vast surplus land assets,” an official statement said.
It has 106 properties in the country out of which some were on lease basis and many were lying idle. Air India Chairman and Managing Director Rohit Nandan said this agreement to develop and redevelop some properties is an attempt to monetise assets to the tune of Rs 5,000 crore over a period of 10 years. The MoU has provided for three models of development of properties, it said.