In the latest auction of its real estate properties, national carrier Air India Ltd sold 14 items for Rs 58 crore, a source familiar with the matter told CNBC-TV18.

The debt-laden airline had put on block 39 flats, commercial and residential land across 14 cities on October 1 and was expecting sale proceeds of over Rs 200 crore from this round of auction.

State-run MSTC Ltd was asked to auction online these properties, spread across Amritsar, Bengaluru, Chennai, Kolkata, Mumbai among others and the last date for submission of bids was on November 1.

CNBC-TV18 on October 24 reported that the airline's land monetisation drive in September drew a lukewarm response as it could only sell 17 out of 41 properties that it had put on block and hence garnering Rs 15 crore against expectations of around Rs 400 crore.

Next in the line will be the unsold real estate properties from the September auction and those in Nairobi and Tokyo and the bids will be invited on November 5, said the source privy to the matter.

The Cabinet Committee on Economic Affairs (CCEA) had approved a financial restructuring and turnaround plan for Air India in 2012. Under this, monetisation of real estate assets of Air India to the tune of Rs 5,000 crore was also approved over a period of 10 years with an annual target of Rs 500 crore from 2012-13 (April-March) onwards.

However, till March, the airline could only sell properties worth over Rs 500 crore as against expectation of Rs 3,000 crore. Further, till July, the sale of 30 properties have been taken up by auction through MSTC and revenue of Rs 724 crore was realised by the airline, as per government data.

First Published:Nov 1, 2018 8:35 PM IST