RBI Joins Bidding for Iconic Air India Tower at Nariman Point

Air India’s iconic tower at Nariman Point in Mumbai.

(Photo Courtesy: Wikipedia/Indianhilbilly)

The Reserve Bank of India has joined the fray for taking over Air India's iconic tower at Nariman Point in Mumbai, offering 10 year's rental lease as advance payment, IANS reported, quoting a source.

“The RBI wants to take the whole building and is willing to give advance lease rentals for 10 years advance payment upfront,” he said.

The RBI declined to comment in response to an IANS query.

LIC and the Jawaharlal Nehru Port Trust (JNPT) had earlier expressed interest in acquiring the building. JNPT was reportedly ready to shell out about Rs 1,300 crore.

However, some of the Air India employees has vehemently opposed the decision to sell the building and has requested the government to reconsider.

“We are already generating Rs 130 crore annually from the building and can generate Rs 400-500 crore a year. There is huge scope for advertising the way it happens in the US and other countries,” a senior executive said, reported IANS.

The national carrier had last December floated a tender to sell its 23-storey building as part of a larger asset monetisation plan. However, it allowed only government entities to participate in the bidding for acquiring lease hold rights.

(With inputs from IANS.)