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RBI bids for AI’s iconic Nariman Point tower


NEW DELHI: The Reserve Bank of India (RBI) has tossed its hat in the ring for the taking on of Air India’s iconic tower at Nariman Point in Mumbai.

The central financial institution is learnt to have offered 10 years’ rent apartment as advance cost in keeping with a most sensible reliable source. “The RBI wants to take the whole development and is prepared to provide rent rentals for 10 years in combination as advance cost in advance,” he stated.


In reaction to a query on the construction, the RBI declined to comment. Earlier, state-controlled LIC and Jawaharlal Nehru Port Trust (JNPT) had expressed interest to procure the signature development with the latter in a position to shell out about Rs 1,300 crore. A bit of Air India workers has, on the other hand, vehemently adversarial the transfer to sell the development and has sought to rethink the verdict. “We are already producing Rs 130 crore yearly from the development and will generate Rs 400-500 crore a yr. There is huge scope for advertising how it happens in the United States and different nations,” a senior govt stated.


The nationwide service had in December floated a tender to sell its 23-storey tower as a part of a bigger asset-monetisation plan and allowed only government entities to take part in the bidding for obtaining leasehold rights on “as is, where is” basis.


“It does no longer make sense to sell the development. If correctly controlled, the development can earn in just a few years what potential consumers have offered,” the person quoted earlier stated.


The government had mooted the plan to sell the Nariman Point development after its plan to sell 74% stake in the service proved a moist squib with no private investor turning up for the offer.


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