By Nirbhay Kumar, Tags: News Air India’s asset monetisation plan is set to finally take off after being stuck for nearly two years. The airline would sell properties worth Rs 250 crore as part of the plan to raise Rs 5,000 crore from real estate. “Cabinet note to sell Air India properties has been prepared. Some of the properties have been identified in cities like Mumbai, Chennai and Coimbatore. Sale would happen through bidding,” an aviation ministry official said. Asset monetisation has been part of AI’s turnaround plan and financial restructuring plan approved by the cabinet committee on economic affairs (CCEA) in April 2012. The plan, however, got delayed due to legal issues, multi-layer approval process and subdued market sentiment. The apex decision-making body of the government had estimated the airline to raise Rs 5,000 crore from asset monetisation over 10 years. The target for 2013 was set at Rs 500 crore. The airline missed its initial target but late last year signed an agreement with National Buildings Construction Corporation to put its fund-raising plan on fast-track. Raising funds from properties is expected to help Air India ease its debt burden, estimated to be about Rs 40,000 crore. Meanwhile, in a separate development, the directorate general of civil aviation has started framing guidelines for psychometric tests of pilots. As per the plan, trainee pilots would have to undergo the mandatory psychometric test before taking control in the cockpit. “Trainee pilots would have to go through the psychometric tests before flight training. Then they will again be tested at the time of joining an airline,” said a DGCA official. nirbhaykumar@mydigitalfc.com, Source: mydigitalfc.com, Image: flickr.com
