The legal team of Air India is preparing a draft sale agreement which will then be given to the counterparts from the State Bank of India, the country's largest lender.

The government recently gave go-ahead to state-owned Air India to sell the flats to SBI for about Rs 90 crore as part the airline's asset monetisation plan.

The asset monetisation plan was approved along with the carrier's turnaround plan by the Cabinet Committee of Economic Affairs in April 2012 when it also doled out a Rs 30,000 crore bailout.

The state-owned lender is planning to allocate these four flats situated at up-market Peddar road in south Mumbai to its top executives. Each of these 3-BHK flats has a carpet area of 2,033 sq ft.

SBI has already taken two floors in the nearly-empty 22-storey Air India Towers at Nariman Point, which till a few years ago was the headquarters of the national carrier.

Faced with substantial debt burden, the national carrier has been exploring various options to raise money to meet its funding requirements.

These include sale of properties and land parcels. Air India, whose debt burden is about Rs 40,000 crore, is surviving on a bailout package approved in 2012.

Latest News  from Business News Desk