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Air India starts financial rehab with luxury condo sale

Government gives go-ahead to privatization 'in-principle'

India's state-owned flag carrier has been struggling with huge debts.

NEW DELHI -- With the privatization of Air India all but decided, the company has kicked off efforts to improve its financial standing, starting with the bulk sale of real estate in Mumbai's wealthiest district.

The carrier has amassed debts nearing 500 billion rupees ($7.81 billion) and is heavily reliant on state support for its annual repayments. But with the government having approved a total or partial sell-off, the carrier desperately needs to make itself as attractive as possible to potential buyers.

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