New Delhi: Cash-strapped Air India is looking forward to using assets it has built up over the years like priceless paintings, sculptures and even a prime property to ease financial stress. The company has in its possession paintings by artists like the late MF Husain, exotic wood carvings, centuries-old sculptures and other authentic artifacts, and a prime property in Mumbai.
A company official said plans are being finalised to rent out some of these magnificent pieces and the iconic Nariman Point headquarters in Mumbai.
“The art works may be rented out to galleries around the world. On a later stage these may be sold as well,” he said, not wishing to be identified.The consultant that will be hired by the airline will have a hard time to put exact value to the huge collection which deals with Indian history and culture.
The richness of the stuff can be gauged by the fact that some 18 paintings of Husain are part of the collection. Some of these date back to the 1940s. Each of these paintings can command a price of no less than `5-6 crore in open bidding process, the official said.
Other artifacts under the carrier’s possession include centuries-old exotic wooden carvings portraying mythology. For example, a carving shows Ravana carrying Shiva, Parvati and Ganesha. Most of these 400 artifacts adorn the walls of the Mumbai building and the airline’s offices in New York, London and Paris.
The iconic 22-storey Air India building at Nariman Point which house the chairman and managing director’s office can command a handsome rent of `290-350 per square feet.
“The plan is to retain the top three floors of the building, while the rest would be rented out. We expect to get anywhere between `30-40 crore per annum. We will go for an open tender for the renting process,” the official said.Renting out the art works and the building is expected to fetch the company around `100 crore annually. Sale of these can easily bring in `10,000 crore, said the official.
The airline plans to shift executives to its New Delhi office at Airlines House in Parliament Street. The move is expected to provide financial relief to the company which currently is reeling under an accumulated losses and loans of around `67,520 crore.