Air India building acquisition by Maharashtra done, sealed by Rs16 billion deal
When Air India decided to have its new headquarters at Nariman Point, the then emerging commercial hub of Bombay (now Mumbai) in 1970, the airline’s iconic mascot, the ‘Maharajah’, created by its former commercial director Bobby Kooka in 1946, quipped in its hoarding: ‘Nariman had a point and I’ll be on it!’
Back then, Air India was among the first skyscrapers in Nariman Point, soaring 23 floors high. Two other skyscrapers emerged next to it in the 1970s: the Express Towers (at 25 floors, it was the tallest building in South Asia then) and The Oberoi (35 floors).
The airline has seen remarkable changes since those days and is now back in the Tata group of companies.
After the group took control of the airline, it decided to monetise the asset in 2018. The Maharashtra government, facing a space crunch in south Mumbai, had decided to buy the building to shift its offices from different parts of the city. It has finally initiated the process of acquiring it for Rs16 billion (about Dh620 million). It will sign an agreement over the next few days.
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The Air India building— with the airline’s logo, the Centaur— installed at the top of the building, is an iconic structure facing the sea. More than that, the Air India building is just a few minutes from Mantralaya, the state government’s headquarters. The acquisition of the building will give the government access to over 45,000 sq m of office space.
Art collection
The airline is also known for its art collection. It all began when B. Prabha (1933-2001), the legendary Indian artist, sold six of her paintings after graduating from the Sir JJ School of Art in the 1950s, for a royal sum of Rs87 and 8 annas each.
The paintings were on display at the airline’s London office, triggering off its Maharajah collection of arts. The Air India building has for decades since been home to several art works. A few years ago, the collections were handed over to the National Gallery of Modern Art.
There has been a lot of interest in acquiring the Air India building especially among state-owned entities. They included, besides the Maharashtra government, the Jawaharlal Nehru Port Trust and Life Insurance Corporation of India.
The 23-storeyed building (and as in many other highrises in India, the 13th floor has been unoccupied for long because of it being seen as an unlucky number) was built by American, post-modern architect John Burgee.
