Air India’s 23-storey building at Nariman Point, Mumbai, which was also once the airline’s headquarters, is a prime property and is likely to fetch high valuations.

New Delhi: The government has started discussions for sale of Air India’s iconic building in Mumbai to the country’s biggest container port JNPT as part of efforts to raise funds for the cash-strapped national carrier, sources said.

Official sources told PTI that the proposal has received in-principle approval from Prime Minister Narendra Modi, following which an inter-ministerial panel has been constituted to work out the modalities.

Air India’s 23-storey building at Nariman Point, Mumbai, which was also once the airline’s headquarters, is a prime property and is likely to fetch high valuations. The proposal to sell the building to state-owned Jawaharlal Nehru Port Trust (JNPT) also comes after the government’s efforts of Air India strategic disinvestment failed to take off. The Prime Minister has given his in-principle approval for the proposed sale, sources said.