Air India Signs MoU with NBCC for Monetization of Land Assets

NEW DELHI .  Air India signed an MoU with National Buildings Construction Corporation Ltd. (NBCC) for monetization 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 monetization process. This 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.
 
Speaking on the occasion the  Union Minister for Civil Aviation, Shri Ashok Gajapathi Raju Pusapati said that team work was the key to success and together, Air India and NBCC should synergise for the growth of the country.
 
The  Union Minister for Urban Development and Parliamentary Affairs, Shri Venkaiah Naidu who was also present on the occasion said that, development of smart cities was one of the important goals of the present government and this agreement was a small step in that direction.
 
The Minister of State for Civil Aviation, Dr. Mahesh Sharma,Union Minister of State for Urban Development, Shri Babul Supriyo also addressed the gathering
 
Air India CMD , Shri Rohit Nandan said that Air India had 106 properties in the country out of which some were on lease basis and many were lying idle .Therefore, this agreement to develop and redevelop some Air India properties is an attempt to monetize to the tune of 5000 crore rupees over a period of 10 years.  PIB