The government has prepared a revival plan for Air India that provides for a comprehensive financial package, differentiated strategies for each of the airline's core businesses and robust organisational reforms, Union minister Jayant Sinha said on Thursday.

Various initiatives to turnaround the national carrier, which is staying afloat on a bailout package extended by the previous government, including monetisation of real estate assets, are progressing.

'Higher levels of operational efficiency by strengthening management and implementing best business processes' are among the major elements of the plan, Sinha said.

The minister of state for civil aviation also said that Air India has planned to monetise its unutilised and surplus immovable real estate assets over the next few years.

'Till date, Air India has realised an amount of Rs 410 crore through sale of its non-core assets in various cities in India and abroad…. Air India has also realised a rental income of Rs 314 crore approximately,' he said during Question Hour.

The minister also said that the amount of revenue likely to be generated from monetisation of land and properties depends on the bid process and subject to no-objection certificates from authorities concerned.

Air India is estimated to have a debt worth over Rs 55,000 crore.