Maharashtra Govt Buys Iconic Air India Building at Record Price of INR 1601 Crore

Nariman Point, South Mumbai

In a monumental move, the Maharashtra government secures ownership of the iconic Air India building at Nariman Point, Mumbai, for a staggering INR 1,601 crore. This historic acquisition signals a new era of development and strategic planning for the state.

Strategic Sale and Waiver of Dues

The Centre's approval for the transfer comes with the state government's agreement to waive dues amounting to INR 298.42 crore payable by AI Assets Holding Company (AIAHL). AIAHL, a special purpose vehicle, holds the non-core assets that were excluded from Air India's strategic sale to the Tata group for INR 18,000 crore in early 2022.

Vision for the Future

The acquisition of the 23-storey Air India building, erected in 1974 on state-owned land, reflects Maharashtra's commitment to leveraging prime real estate assets for progressive initiatives. Approximately 46,470 square meters of space within the building will be allocated for the state government's office use, paving the way for enhanced efficiency and modern infrastructure.

A Strategic Milestone

Following the completion of the Tata group's acquisition of Air India in February 2022, this transfer underscores the strategic consolidation of assets and resources. With a forward-looking approach, the Maharashtra government embarks on a transformative journey aimed at maximizing the potential of this iconic property.

As Maharashtra takes possession of the Air India building, it signifies not just a transfer of ownership but a commitment to shaping a vibrant and prosperous future. This acquisition symbolizes a significant step forward in the state's development narrative, setting the stage for innovative initiatives and sustainable growth.