All the necessary approvals have been received by State Bank of India to buy residential properties of national carrier Air India for Rs 90 crore.

According to a report, SBI is waiting for Air India to compete its side of the approvals.

The bank plans to allocate the flats to its top executives.

Since the last two years, Air Indian had been looking for buyers who could buy its four flats at Peddar road, south Mumbai. Back in 2013, it floated bids for e-auctioning of the 3-BHK flats. The national carrier is willing to sell the flats to unlock the value of the land assets it owns.

Under the land monetisation plan, the airline aims to collect Rs. 5,000 crore over 10 years as an efforts to bridge the gap in its expenditure and revenue. According to an Air India official, the airline has sent proposals to Civil Aviation Ministry for approval.

Beside the long-term loans, the air carrier has some working capital borrowing from the State Bank of India. Earlier, the Air India source had informed that the funds from sale proceeds will also help in reducing this working capital loan and reducing interest outgo.