Air India has sold its 115 properties for Rs 738 crore since 2015 to offset its debt, Minister of State for Civil Aviation V K Singh said on Thursday.

According to the decision of Air India Specific Alternative Mechanism (AISAM) in 2018, disinvestment-bound Air India has been monetising its immovable assets to offset its debt. The carrier had a debt of around Rs 60,000 crore as on March 2019.

In his written reply to a question in Lok Sabha, Singh said on Thursday, "Air India has identified 111 parcels of properties for monetization; out of which 106 parcels of properties are in India and the rest five are overseas properties."

The 111 parcels of properties consist of 211 units, which are under monetization, he added. Singh said, "Air India has so far received Rs 738 crore from sale of 115 units from 2015 to 12th July, 2021. Air India also realises about Rs 100 crore per annum from lease rental income."

The Centre is currently in the process of selling Air India. Financial bids for the carrier are likely to be received from qualified interested bidders by September 15.