In a bid to improve its finances, state owned airline Air India may spin off its real estate assets into a real estate investment trust (REIT), financial newspaper Mint reported. The newspaper also mentioned the possibility of list Air India on the stock exchanges to avail significant tax breaks.
Debt-ridden state owned airline Air India, that has an impressive number of properties around the world, may spin off its real estate assets into a real estate investment trust (REIT), financial newspaper Mint reported. As of March 31, the airline has a debt burden to the tune of Rs 40,000 crore. The newspaper also mentioned the possibility of listing Air India REIT on the stock exchanges to avail of significant tax breaks and improve its finances.
If Air India's plans fructifies, it will create among the first REITs in India, after the new government allowed the creation of such entities in July.
In a chat with CNBC-TV18, Tarun Shukla (who broke the story) said the company has 800 properties in major capitals around the world, that include several acres of land, office buildings, sports stadiums and residential colonies. However, Shukla is not aware of any valuation exercise undertaken by the airline nor there is any clarity on how much the airline plans to raise through its REIT.
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